Virgin Money agrees multi-million pound funding handle Gresham House

• Virgin Money has actually concurred a new financing partnership with Gresham House Solar Distribution, providing a ₤ 18 million revolving credit facility to facilitate the development of solar properties.

The bargain is the financial institution's biggest deal in the renewables market to day, and also an action towards its objective to halve carbon emissions throughout everything it funds by 2030. Virgin Money said the versatile financing arrangement was its first significant action in the direction of 5% lasting borrowing in its finance book by FY22.

Keith Wilson, head of renewables at Virgin Money, said the transaction was among the financial institution's "most noteworthy contracts" to day in the renewable energy sector.

" Operating in collaboration with Gresham House, we have actually supplied a bespoke and also innovative funding remedy, which both supports their critical objectives and also acknowledges their experience and also reputation in the marketplace. On top of that, the deal straight sustains our just recently refreshed ESG method as well as the ongoing growth of our renewable energy lending publication."

Gresham House will utilize the funding to increase its solar procedures, with eight operational ground-mounted solar parks in England as well as Wales currently. It has a portfolio of 48MW - which creates more than 45GWh of power a year - and also has actually elevated more than ₤ 49 million from financiers to date.

The specialist different asset management business is seeking to further increase in the solar industry, with Wayne Cranstone, investment director at Gresham House, claiming the Virgin Money collaboration comes "at an important time, as the UK increases initiatives to satisfy its 2050 internet zero target".

" As host of the COP26 top later this year, the country's renewables abilities will certainly be strongly in the limelight, as well as by broadening our solar procedures, we hope to meaningfully add to the UK's decarbonisation. By thrusting us to the following phase of growth, this deal will certainly further enhance the fund's attractive income proposition for financiers."

In January, Gresham House revealed a take care of Anesco for the advancement of a 200MW solar PV portfolio over three years as part of a ₤ 100 million collaboration.