Low Carbon, a global renewable energy company, has secured an additional £310m in funding from international banks ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (IMI CIB Division) to expand its solar construction facility. This financing brings Low Carbon's total debt funding to £540m, positioning it as a major player in the private sector's gross asset value (GAV)-based construction debt facilities.
The injection of funds will enable Low Carbon to intensify its efforts in expanding its core capacity through the development of 448MW of solar PV projects in the UK and the Netherlands. In combination with the previous finance facility announced last year, the latest funding brings Low Carbon's total solar pipeline under construction in the UK and Europe to approximately 1GW.
Joining NatWest, Lloyds Bank, and AIB in the existing facility, the four banks will support Low Carbon in realizing its ambitious project pipeline and its objective of constructing 20GW of renewable energy capacity by 2030.
Roy Bedlow, Founder and Chief Executive of Low Carbon, expressed his delight at the participation of the four leading international banks, emphasizing the significance of the UK and the Netherlands as investment markets for the company. Bedlow noted that deploying nearly 1GW of solar PV capacity would play a vital role in achieving Low Carbon's strategic goal of establishing 20GW of new renewable energy capacity by 2030.
