Renewable energy investment and asset management company Low Carbon has announced that it has secured a £310 million finance facility with international banks ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (IMI CIB Division), aimed at enabling the construction of large-scale solar PV projects.
Combined with a £230 million senior debt facility announced in August 2022, the total debt funding of £540 million marks one of the largest private sector construction debt facilities of its kind.
Fernando Dominguez de Posada, Head of Financing at Low Carbon, said:
“This Closing is an important milestone for Low Carbon and highlights our ability to raise flexible and efficient structured funding products at scale, a skill that will be critical if we are to deploy the ambitious pipeline that we have in front of us.”
According to Low Carbon, the financing will allow the company to construct another 448MW of solar PV projects in both the UK and the Netherlands, bringing the company’s total pipeline under construction to around 1GW, enough to prevent 300,000 tons of carbon emissions.
The company added that the funding will help Low Carbon meet its goal to create 20GW of new renewable energy capacity by 2030.
Roy Bedlow, Founder and CEO of Low Carbon, said:
“The UK and the Netherlands represent key investment markets for Low Carbon, and deploying nearly 1GW of solar PV capacity will play a significant role in helping us to deliver our strategic goal of creating 20GW of new renewable energy capacity by 2030.”