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Renewable energy company Low Carbon has secured £310 million funding from four international banks to fund solar PV projects.
This additional funding takes the total amount raised by the company to £540 million and will enable the construction of an additional 448MW of solar PV capacity in the UK and Netherlands.
This means that the size of Low Carbon’s total solar PV pipeline under construction in the UK and Europe is now approximately 1GW.
This is enough energy to power 350,000 homes while avoiding 300,000 tonnes of carbon dioxide.
ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo join existing banks NatWest, Lloyds Bank and AIB in financing Low Carbon.
Low Carbon plans to create 20GW of new renewable energy capacity by 2030.
The company invests in, develops, and operates solar, wind, energy storage and energy from waste projects across the UK as well as Europe and North America.
Low Carbon founder and chief executive Roy Bedlow 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.”
Low Carbon head of financing, Fernando Dominguez de Posada said: “This closing is an important milestone for Low Carbon and highlights our ability to raise flexible and efficient structured funding products at scale, a skill that will be critical if we are to deploy the ambitious pipeline that we have in front of us.”
Last week the first solar farm to feed directly into the UK’s electricity transmission network went live near Bristol.
The 49.9MW Larks Green solar farm is located alongside a 49.5MW battery energy storage system (BESS), the first time a solar and battery project have been co-located in this way.
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