Low Carbon to develop 1GW of solar PV capacity after financial close of ₤ 230 million

Aug 31, 2022 04:20 PM ET
  • Low Carbon has achieved a close on a ₤ 230 million financing center with Lloyds Bank, NatWest and also AIB as it aims to develop a number of renewable projects consisting of 1GW of solar PV capacity.
Low Carbon to develop 1GW of solar PV capacity after financial close of ₤ 230 million
Image: Low Carbon

The elderly financial debt facility will certainly enable the building of large-scale renewable energy projects throughout the UK and also the Netherlands, the company stated.

It is additionally prepared for that the projects will result in the development of at least 1GW of capacity for solar PV, providing a huge boost to decarbonisation within the two countries.

" We are delighted that three of the UK as well as Ireland's leading banks have actually demonstrated a major endorsement of our organization and also its ambitions for growth," Roy Bedlow, founder as well as chief executive of Low Carbon said.

" The following decade is crucial to slowing down the pace of climate adjustment, as well as it is essential that we swiftly deploy renewable energy at scale. The initial projects included in the money facility will certainly provide many in the UK and also the Netherlands with clean, affordable power in the years to come, and also will certainly help Low Carbon reach our calculated goals of net zero and 20GW of new renewable energy capacity by 2030."

A preliminary ₤ 230 million will certainly be injected into Low Carbon's expanding renewable portfolio which includes the building of around 500MW of new solar PV capacity throughout 17 assets in the Netherlands and also the UK.

More investment can see this capacity increased to 1GW of overall solar PV capacity with the center's accordion function able to elevate an added ₤ 200 million to accomplish this.

Low Carbon is a renewable resource investment and asset administration business that develops and runs renewables at scale.

" Sustainability is a core tenet of our technique at AIB. We delight in to have completed the financing of this offer which currently develops a setting for future development, as well as a greener future," said Ross Hamilton, supervisor at AIB Group (UK).

" We look forward to a lengthy as well as worthwhile relationship with Low Carbon and also are excited to be in a placement to aid the business's scale into renewable resource infrastructure."

The new financing center is claimed to be a testament to the self-confidence NatWest, Lloyds Bank and also AIB have placed in Low Carbon and its ability to properly direct resources at scale right into renewable energy facilities.

Through its landmark collaboration with the US insurance titan, MassMutual, Low Carbon has actually established its sights on developing 20GW of new renewable energy capacity by 2030 which could be a huge boost for the solar PV field.

" Funding the development of renewable power generation is crucial to achieving UK's net zero targets," said James Taylor, head of facilities and also project money at Lloyds Bank.

" In particular, low threat modern technologies such as solar PV will certainly play a key role by increasing the transition away from fossil fuels in an economical fashion. As part of Lloyds Bank's Clean Growth Financing Initiative, we are proud to sustain Low Carbon in aiding to supply the UK's carbon reduction targets."

Low Carbon launched the 2nd consultation for its 500MW Gate Burton solar and also power storage space park in Lincolnshire in June 2022.

It is one of two solar farms that will take advantage of capacity availability at this substation, as a result of the closure of EDF's coal-fired Cottam Power plant in 2019. The other is a 600MW solar project being considered by Island Green Power.

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