Renewables developer OnPath Energy has secured a £120m credit facility to finance the construction of UK wind and solar projects.
Headquartered in County Durham and with offices in Hamilton and London, OnPath Energy has five consented onshore wind and solar energy schemes across England and Scotland in development, with numerous further sites in planning.
OnPath worked with NatWest, Barclays, Norway’s largest bank DNB and the Canadian Imperial Bank of Commerce (CIBC) to set up the new agreement, which will provide the working capital required by the business to make faster progress on more renewable energy generation schemes.
The developer is expecting to make progress on the construction of its consented sites over the coming year.
OnPath’s chief financial officer Simon Fisher (pictured on left with company chief executive Richard Dunkley), said: “The enthusiasm our lenders showed for the development strategy we put before them reinforced the confidence we have in our future plans and we’re excited to be moving into this next stage of our evolution.
“OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, which will amplify the part we can play in a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone.
“We will grow in terms of our diversity of projects and technologies, as well as geographically, and will deliver a range of high-quality projects that will contribute to both the UK’s journey towards net zero and its essential domestic supplies of secure, affordable green energy.”
OnPath Energy owns and operates onshore wind farms across Scotland and northern England and has more than 3GW of renewable energy generation and electricity storage projects in its pipeline, with more set to follow.
It was acquired last year by Brookfield, which has approximately 34GW of installed renewable energy capacity worldwide and a development pipeline of approximately 200GW of renewable power assets.
Fisher added: “Being part of the Brookfield portfolio has given us greater access to capital, global relationships for procurement and routes to market, all of which will have a galvanising effect on our pace of progress.”