Voltalia, a global player in renewable energy, has secured a £20 million financing package to support the development of a 34-megawatt (MW) solar energy project near Scarborough, in North Yorkshire. The Eastgate Solar project, which is currently under construction, is expected to be completed and operational by the end of 2025.
The funding consists of a construction and long-term operating loan of up to £18.9 million from Triodos Bank UK, along with a debt service reserve facility (DSRF) of €1.1 million. The solar plant, once completed, will feature 62,500 solar panels.
The project will supply electricity through a 15-year corporate power purchase agreement (PPA) with The Co-operative Group, a major UK retailer. Under the agreement, the Eastgate Solar plant will provide 7.5% of the Co-op’s total electricity consumption across its food stores, distribution centres, and funeral care homes.
Yoni Ammar, deputy CEO of Voltalia, commented, “This significant investment reinforces our commitment to expanding our renewable energy footprint. We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK’s transition to a cleaner, more sustainable energy future.”
Triodos Bank UK, known for financing projects with a clear social and environmental purpose, has more than three decades of experience in the renewable energy sector. Chris Cullen, senior relationship manager at Triodos Bank UK, expressed his support for the project, stating, “We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity. The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”
The Eastgate Solar project is part of Voltalia’s broader strategy to expand its presence in the UK and contribute to the country’s renewable energy goals. The company remains focused on developing sustainable energy projects that align with its mission to create positive environmental impact and support the transition to a low-carbon economy.
