Low Carbon lands GBP 310m in additional solar financing

UK-based renewable energy company Low Carbon today announced it has obtained GBP 310 million (USD 388m/EUR 356m) from a number of lenders, a move that will allow it to nearly double the capacity of solar plants it is getting ready to build.

Low Carbon said it got the financing from ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo. It will use it for the construction of 448 MW of solar photovoltaic (PV) capacity at home and in the Netherlands. This is in addition to the 500 MW across 17 sites in these two countries for which it secured GBP 230 million last year.

The company expects to have the projects up and running in the mid-2020s.

At present, Low Carbon has 1.3 GW of assets in operation and a pipeline of international projects totalling 8 GW. Its objective is to create 20 GW of new renewable energy capacity by 2030, according to founder and CEO Roy Bedlow.

(GBP 1.0 = USD 1.250/EUR 1.149)

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