Berkshire-based renewable power developer Enviromena has agreed a £200m debt and construction facility with funders Close Brothers to fund its ambitions of building 500MWs of generating assets by 2025.
The arrangement with Close follows the announcement that the Reading-based company has just completed a major equity raise of £65m. This gives Enviromena funding of up to £270m to facilitate the build out of its ever-growing pipeline.
In addition to the 500MW target, Enviromena will also utilise the funding to grow its self-developed ground mount solar pipeline to more than 2GW by 2025.
The firm says its pipeline is already looking strong, with over 400MW of projects set to be submitted into planning in the next six to nine months.
The funding will also enable the company acquire ready-to-build, fully consented solar projects from third parties to help turbo charge its growth plans.
Headquartered in Berkshire and with a regional office in Italy, Enviromena delivers transformative clean energy solutions across Europe. It vaunts more than 15 years’ global experience in developing, designing, constructing, managing and operating ground-breaking renewable energy projects.
Enviromena has already constructed over 120 solar farms in the UK and is set to announce the commencement of works on over 150MW of solar, include many due to commence in 2024.
Christina Allen, the developer’s chief legal officer added: “We are delighted to complete on this facility with Close Brothers. We have worked extremely hard to bring this together and create a long-term relationship allowing us to focus on growing the business and to build out our extensive pipeline. We are looking forward to working with Close over the coming years as we continue to contribute to the UK’s Net Zero ambitions.
Enviromena CEO Chris Marsh said: “Close Brothers have a strong track record in the renewables industry, so we are delighted to announce this latest arrangement.
“Enviromena is committed to leading the transition to a world powered by clean energy by providing safe, affordable, and reliable clean energy solutions to customers across the UK and Europe.
Richie Kidd, head of sales for Close Brothers’ energy team, commented that “working closely with Enviromena for a number of years, we’re delighted to support the team in providing facilities that will allow them to grow their portfolio in both the construction and acquisition of projects.”
Pictured is the developer’s Bryngwyog solar farm in Wales.