Renewables developer Low Carbon has secured a finance facility to enable it to construct solar projects with a total capacity of at least 1GW, in the UK and Netherlands.
The developer has set up the senior debt facility with commercial banks NatWest, Lloyds Bank and AIB.
An initial £230m will be injected into Low Carbon’s growing portfolio, which the company expects to immediately deploy to support the construction of 500MW of new solar PV capacity across 17 sites in the Netherlands and the UK.
Further investment will follow shortly, as the facility’s accordion feature provides the ability to raise an additional £200m taking the total of solar capacity in construction to 1GW.
Through its “landmark partnership” with the US insurance provide MassMutual Low Carbon has set its sights on creating 20GW of new renewable energy capacity by 2030.
Founder and Chief Executive of Low Carbon, Roy Bedlow, said: “We are delighted that three of the UK and Ireland’s leading banks have demonstrated a major endorsement of our business and its ambitions for expansion.
“The next decade is crucial to slowing the pace of climate change, and it is imperative that we rapidly deploy renewable energy at scale.
“The initial projects included in the finance facility will provide many in the UK and the Netherlands with clean, affordable energy in the years to come and will help Low Carbon reach our strategic goals of net zero and 20GW of new renewable energy capacity by 2030.”