London-based Low Carbon, a renewable energy investor and asset manager, announced on Thursday that it has raised £310M (approximately €356M) for its solar photovoltaic (PV) construction facility.
The funding comes through collaborations with renowned international banks such as ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (IMI CIB Division).
With this latest capital infusion, Low Carbon’s total debt financing raised now stands at £540M.
Fund utilisation
The UK company says the new funding will enable it to intensify its efforts in expanding its core capacity through the development of 448MW of solar PV projects across the United Kingdom and the Netherlands.
Combined with the initial finance facility announced last year, the additional funding brings the company’s total solar PV pipeline under construction in the UK and Europe to approximately 1GW.
The company says this will provide enough renewable energy capacity to power approximately 350,000 homes and avoid 300,000 tonnes of CO2e.
The capital commitments of ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (IMI CIB Division) now join NatWest, Lloyds Bank, and AIB in the existing facility to help fulfil the company’s ambitious project pipeline.
Roy Bedlow, founder and Chief Executive of Low Carbon, says “We are delighted to have four leading international banks join our efforts to accelerate renewable energy infrastructure deployment 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,” says Bedlow.
Low Carbon: Building a net-zero energy company
Founded by Roy Bedlow, Low Carbon aims to build a net-zero energy company that protects the planet for future generations.
The company invests in, develops, and operates solar, wind, energy storage, and energy from waste projects across the UK, Europe, and North America.
The company is a certified B-Corporation and recognised as the gold standard for environmental impact.
The announcement comes as Low Carbon is on a mission to create 20GW of new renewable energy capacity by 2030. It looks to play a leading role in accelerating the global energy transition.
Head of Financing at Low Carbon, Fernando Dominguez de Posada, says, “We are delighted to welcome ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo into the Low Carbon family. This closing is a significant 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 in front of us.”
