UK-based clean energy company Enviromena has secured GBP 30 million (USD 37.9 million / EUR 35.3 million) in debt financing from Close Brothers Energy, enabling it to achieve financial close on a 70-megawatt solar park project in Essex, southeast England.
The funding forms part of a larger facility arranged towards the end of 2023, which includes both development and term loan components, Enviromena announced on Monday.
This financing boost will support the ongoing construction and future operation of the Medebridge solar farm near South Ockendon. Spread across 175 acres (70.8 hectares) of low-grade agricultural land, the photovoltaic (PV) farm is expected to commence operations in the summer of 2025, generating over 71,000 megawatt-hours (MWh) annually.
Enviromena highlighted its expanding portfolio, managing and maintaining over 300 megawatts (MW) of renewable energy assets while boasting a pipeline exceeding 3 gigawatts (GW) for solar and storage projects in the UK and Italy.
Recently, the company secured planning permission for a 42.4-megawatt peak (MWp) solar project in Dorset, England, aligning with its objective to add 500 MW of solar capacity in the UK by 2026.
