UK-based independent power producer (IPP) Enviromena has signed a £825 million (US$1.1 billion) financing package to support its 1GW solar PV portfolio in the UK.
The facility is underwritten by several lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest and Societe Generale, and has been structured as a flexible platform financing with an initial £525 million commitment and £300 million in uncommitted accordion financing.
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According to the company, this flexible platform financing will allow to expand alongside the solar PV portfolio, as projects progress from late-stage development through the construction phase and reach the operational phase.
Chris Marsh, CEO of Enviromena, said: “This is a landmark transaction for our business and demonstrates strong momentum in our growth strategy. With this support, we are accelerating the transition from development to delivery, building a gigawatt-scale solar platform to supply homes, businesses and support the UK’s energy transition.
The financing package for its solar PV portfolio comes only a few months after the IPP secured two Contracts for Difference (CfDs), with the UK government, in the latest Allocation Round (AR7).
Two solar PV projects supported by the CfD began construction earlier this month. Located in the western county of Shropshire, the projects have a combined capacity of 90MW and are expected to begin installing the nearly 125,000 modules in early summer, with both projects forecast to be energised by the end of 2026.
The UK IPP currently manages nearly 400MW of renewable energy assets, with a further 3GW under development.
