Renewable energy developer egg Power has secured up to £400 million ($510 million) in debt financing from NatWest Group to accelerate the development of large-scale solar and wind projects in the UK and across Europe, the company said.
egg Power said the flexible construction financing facility will initially support around 250 megawatts of solar and wind projects that are under construction or in development, and could ultimately back up to 500 MW of capacity across its European portfolio.
NatWest acted as sole underwriter, structuring bank, mandated lead arranger, hedging bank, facility agent and security trustee for the non-recourse debt package, the company added.
egg Power, which is part of Liberty Growth, said it is targeting growing demand for clean electricity from telecoms operators, digital infrastructure providers and other energy-intensive industries through long-term power purchase agreements.
“This financing is the culmination of 12 months of work and marks a significant milestone for egg Power,” said Ilesh Patel, who leads the egg Power business at Liberty Global. “The agreement marks a significant step towards egg Power’s goal of delivering 1,500 MW of clean energy capacity by 2028 under long-term Power Purchase Agreements.”
NatWest said the transaction highlights its role in renewable energy financing. “We are incredibly proud to have played such a crucial role in supporting the egg Power platform to deliver meaningful new clean energy power production in the UK and Europe,” said Kristofer Gibson, project finance at NatWest. He added that the deal demonstrated the bank’s ability to structure and underwrite flexible construction facilities for renewable developers.
The initial portfolio financed under the facility is expected to comprise around 250 MW of solar and wind projects in the UK, generating roughly 420 gigawatt hours of electricity annually, egg Power said.
Three UK solar projects — Grange, Rainsbrook and Rag Lane — are currently under construction, with the wider portfolio expected to reach commercial operation between the second quarter of 2026 and the first quarter of 2027.
