The portfolio of solar power plants are located in England, Wales and Scotland
Renewable energy firm Innova Energy has secured £30m of debt funding from NatWest for 57MW of solar PV projects in the UK.
NatWest is providing the financing for a portfolio of rooftop and ground-mounted solar projects, which are accredited under both the government’s ROC2 and FIT3 regimes.
The portfolio of solar power plants are located in England, Wales and Scotland.
Located in North Devon on the south side of the Bristol Channel, the 11.1MW West Hill solar farm is the largest ground-mounted plant in the portfolio.
The largest commercial rooftop in the portfolio is a 1.6MW installation in Boston supplying power to Greenyard Frozen Foods.
Innova Energy co-founder and director Andrew Kaye said: “We have enjoyed working in partnership with NatWest to deliver secure low-cost finance, hedged interest rate and inflation risks and to create a platform for future growth.
“NatWest’s commitment to the low carbon economy and flexible approach has helped us to do this. We are now ideally placed to continue providing locally-generated green solutions to energy users across the UK.”
NatWest’s funding is part of its £20bn commitment for climate and sustainable finance
The funding offered by NatWest for Innova’s projects is part of its commitment to provide £20bn of funding for climate and sustainable finance by the end of 2022.
NatWest has made the commitment to speed up the transition to a low carbon economy.
Through its solar portfolio, Innova produces 53.5GWh of electricity and helps in preventing approximately 21,400 tonnes CO2 per annum.
NatWest project and infrastructure financing director Gauri Kasbekar-Shah said: “As the leading lender to the UK renewables sector5, we are delighted to be able to support Innova to enable them to continue to grow their green energy portfolio, helping to contribute to our move to a low carbon economy.
“We have worked together on this innovative SONIA-based solution, which we believe to be the first for a renewables project finance deal and a template for future transactions in the sector.”