Low Carbon has increased its existing solar PV construction facility by an additional £310 million with funding from ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division.
The finance facility announced today takes the total amount of debt funding raised by Low Carbon to £540 million, allowing it to grow its core capacity through the construction of 448MW of solar PV projects in the UK and the Netherlands. Combined with the initial finance facility announced last year, the additional funding brings Low Carbon’s total solar PV pipeline under construction in the UK and Europe to approximately 1GW.
The four banks will join NatWest, Lloyds Bank and AIB in the existing facility to help fulfil the company’s ambitious project pipeline.
Low Carbon’s strategic goal is to create 20GW of new renewable energy capacity by 2030.