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Low Carbon £310million solar PV finance facility launches
Global renewable energy giant Low Carbon is working with major banks ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division), to grow its core capacity in the UK and Netherlands.
The announcement means work can now begin on 448MW of new solar facilities. This brings the total energy potential of all projects the firm is now working on to 1GW – equivalent to the power needed for 350,000 homes, saving up to 300,000 tonnes of carbon dioxide equivalent (CO2e) emissions.
While this sounds impressive, Low Carbon’s overall goal dwarfs these numbers. By 2030, the company wants to reach overall capacity of 20GW, making it one of the leading forces in the European transition economy. Achievable through partnerships with major financial institutions, this latest news represents the second deal of its kind, with Natwest, Lloyds Bank, and AIB signed up to a previous agreement.
‘We are delighted to welcome ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo into the Low Carbon family. This closing is an important milestone for Low Carbon and highlights our ability to raise flexible and efficient structured funding products at scale, a skill that will be critical if we are to deploy the ambitious pipeline that we have in front of us,’ said Fernando Dominguez de Posada, Head of Financing at Low Carbon.
While the UK is already considered a global leader in terms of renewable energy capacity, earlier this week Environment Journal reported on an emerging crisis in the sector. Currently, more than 1,000 major projects have stalled – with significant knock on effects – due to problems in connecting to the National Grid. It’s thought some could be on hold for a year or more, with a skill shortage cited as a leading cause of the blockage as demand outstrips supply.
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Image: Markus Spiske