March 27 (SeeNews) - UK green energy supplier Ecotricity today said it has agreed a GBP-70-million (USD 104.2m/EUR 96.2m) refinancing for its 60-MW portfolio of operational wind and solar parks.
The deal with UK institutional investor Aviva Investors covers a total of 19 sites, including the company's earliest project from 1996.
Ecotricity founder Dale Vince said the financing would allow the company to increase its total generation capacity to 100 MW over the next 18 months. The company has already received planning consent for six wind and solar projects totalling 20 MW, construction on which has begun.
In addition to helping Ecotricity speed up its development pipeline, the deal is also an evolution in the company's business model, its founder says. The company uses customers' energy bills to fund the construction of new green energy sources in a model it calls "bills into mills."
(GBP 1.0 = USD 1.488/EUR 1.374)