Clean energy solutions company Enviromena has reached financial close with Close Brothers Energy to build a 70MW solar farm in Essex.
The £30m deal, which includes a development and term loan facility, is part of a wider facility agreed with Close Brothers Energy in December 2023. The facility will be used to fund the construction and operation of Medebridge Solar Farm near South Ockendon, a large scale ready-to-build project on 175 acres of low-grade agricultural land, the equivalent of around 70 football pitches.
Once operational it will generate over 71,000MWh per annum, avoiding more than 13,500 tonnes of CO2 emissions each year. Construction is already well underway, with completion expected in the summer of 2025.
Enviromena is committed to leading the transition to a world powered by clean energy through providing safe, affordable, and reliable solutions to support the global drive towards net zero and meet the world’s growing power demands. Operating on a global scale, Enviromena develops, builds, owns and operates renewable energy assets and manages over 300MW of renewables projects. The team is working on a solar and storage pipeline of over 3GW of projects in the UK and Italy which will significantly decarbonise the grid and reduce emissions.
Enviromena CEO, Chris Marsh said: “We’re delighted to announce financial close on the Medebridge project with Close Brothers Energy. Medebridge will make an important contribution to the UK’s net zero targets as well as benefitting the local wildlife and habitat over the next 40 years. We’ve forged a strong partnership with the Close Brothers Energy team and we look forward to working with them in the future.
Richie Kidd, Head of Sales for the Energy team at Close Brothers, said: “Having worked closely with the Enviromena team for a number of years, we’re delighted to have been involved from the outset in financing this large-scale solar development.
“Enviromena’s growth ambitions are always inspirational, and we look forward to continuing to support them as they look to deliver 500MW of solar power in the UK by 2026.”
More information about Enviromena can be found on their website www.enviromena.com.
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About Enviromena:
Reading-based Enviromena (www.enviromena.com) plans to expand its overall constructed and operational UK portfolio to more than 500MW by 2025 with sites up and down the country. In total, that’s enough clean energy to power in excess of 200,000 homes
Enviromena is dedicated to leading the transition to a world powered by clean energy by providing safe, affordable and reliable clean energy solutions to customers across the UK and Europe.
About Close Brothers
Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. We employ approximately 4,000 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.
For more information, please contact Becky Lewis on 07955618154, email Becky@leepeckmedia.com.
