Voltalia has raised a £20m finance package to construct a 34MW solar project near Scarborough, north Yorkshire.
Voltalia’s £20m finance package consists of a construction and long-term operating loan of up to £18.9m, from Triodos Bank UK, and a debt service reserve facility (DSRF) of €1.1m.
Construction is underway, and the plant is scheduled for commissioning by the end of 2025.
Once complete, the Eastgate Solar project will feature 62,500 solar panels.
The project has a 15-year corporate power purchase agreement in place with The Co-operative Group, fulfilling 7.5% of the Co-op’s electricity consumption within its food stores, distribution centres and funeral care homes across the UK.
Yoni Ammar, deputy CEO of Voltalia, said: “This significant investment reinforces our commitment to expanding our renewable energy footprint.
“We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK’s transition to a cleaner, more sustainable energy future.”
Triodos Bank UK, which specialises in finance for organisations with a clear social and environmental purpose, has three decades of experience in the renewable energy sector.
Chris Cullen, senior relationship manager at Triodos Bank UK, added: “We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity.
The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”