Global renewable energy company Low Carbon has increased its existing solar construction facility by an additional £310m with international banks ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division).
The finance facility takes the total amount of debt funding raised by Low Carbon to £540m, making it one of the largest gross asset value (GAV) based construction debt facilities in the private sector.
With this funding, Low Carbon will be able to “redouble its efforts” to grow its core capacity through the construction of 448MW of solar PV projects in the UK and the Netherlands.
Combined with the initial finance facility announced last year, the additional funding brings Low Carbon’s total solar pipeline under construction in the UK and Europe to approximately 1GW.
The four banks will join NatWest, Lloyds Bank and AIB in the existing facility to help fulfil the company’s ambitious project pipeline and its aim of building 20GW of renewable energy capacity by 2030.
Founder and Chief Executive of Low Carbon, Roy Bedlow (pictured), said: “We are delighted to have four leading international banks join our efforts to accelerate the deployment of renewable energy infrastructure at scale.
“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.”