OnPath Energy has obtained a £120 million credit facility aimed at financing the construction of wind and solar projects in the UK. Headquartered in County Durham, the company operates offices in Hamilton and London and is currently developing five consented onshore wind and solar energy schemes across England and Scotland, with additional sites in planning.
The financing agreement was established in collaboration with NatWest, Barclays, Norway's DNB, and the Canadian Imperial Bank of Commerce (CIBC). This facility is expected to provide the necessary working capital for OnPath to expedite its renewable energy generation initiatives.
The company anticipates significant progress on the construction of its consented sites over the coming year. Simon Fisher, chief financial officer of OnPath, expressed optimism regarding the financing, stating, “The enthusiasm our lenders showed for the development strategy we put before them reinforced the confidence we have in our future plans and we're excited to be moving into this next stage of our evolution.”
Fisher highlighted OnPath's ambitions for further capital investment in high-quality renewable energy infrastructure, aiming to enhance its role in the UK's transition to a net zero future. He noted, “This will help to lower consumer bills, improve the UK's energy security and deliver a just transition that is fair and inclusive for everyone.”
With a focus on diversifying its projects and technologies, as well as expanding geographically, OnPath aims to contribute to the UK's journey toward net zero and secure domestic supplies of affordable green energy. The company owns and operates onshore wind farms in Scotland and northern England and has over 3 GW of renewable energy generation and electricity storage projects in its pipeline.
Last year, OnPath was acquired by Brookfield, which has approximately 34 GW of installed renewable energy capacity globally and a development pipeline of around 200 GW of renewable power assets. Fisher noted, “Being part of the Brookfield portfolio has given us greater access to capital, global relationships for procurement and routes to market, all of which will have a galvanising effect on our pace of progress.”
