Green Frog has raised £100m and will use the money to build 11 new gas peaking plant.
The company said the new engines would take its total portfolio to 44 stations outputting some 750MW.
It targets 2GW over the next five years and the new funding – from Lloyds, HSBC and NIBC Bank – contains a facility to spend a further £50m on new plant, which Green Frog said would equate to another 110MW.
Director Jeremy Taylor and fellow founder Mark Jones have built the company’s annual turnover to £250m over the last nine years, during which period the country’s generation mix has changed significantly.
Taylor said the firm was “delighted” to have closed another deal with its banking partners, “who have again shown a sophisticated understanding of a complicated but fruitful market”.
“The new plant will allow us to continue to solve the ever-increasing problems caused by intermittent renewable energy,” he added.
See the press release here.