Low Carbon agrees financing for 1 GW of solar in UK, Netherlands

UK renewables company Low Carbon Investment Management Ltd on Tuesday said it has closed a senior debt facility to support the construction of large-scale solar projects in the UK and the Netherlands with an expected overall capacity of at least 1 GW.

The facility has been agreed with UK banks NatWest and Lloyds Bank and Ireland’s AIB. It will see an initial GBP 230 million (USD 267m/EUR 267m) deployed to facilitate the construction of 500 MW of photovoltaic (PV) capacity across 17 sites in the Netherlands and the UK. Thanks to the facility’s accordion feature, a further GBP 200 million is expected to be invested shortly afterwards for a total solar capacity in construction of 1 GW.

Commenting on the facility, Low Carbon’s chief operating officer and chief financial officer, Juan Martin Alfonso, said it includes innovative features that will accelerate capital deployment into renewables. “It is a Gross Asset Value facility, and represents a departure from traditional project financing models, providing great flexibility to Low Carbon to develop and manage its international project pipeline,” the executive added.

Low Carbon has a partnership with US insurance group MassMutual through which it aims to deliver 20 GW of new renewable energy capacity by 2030.

(GBP 1 = USD 1.162/EUR 1.162)

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