UK-based solar energy company, Solarcentury, has secured new financing to build two of the largest solar plants in Spain demonstrating the UK’s leadership on climate change.
UK Export Finance (UKEF), the UK’s export credit agency, has today (7 January 2019) guaranteed £47.6 million worth of financing for Solarcentury, in a boost to UK solar exports.
Together, the developments will generate enough energy to power more than a quarter of a million homes each year with renewable energy.
The new banking facilities comprise a £24.7 million trade loan facility from NatWest and a £22.9 million guarantees line from HSBC UK, with both sources of funding supported by UK Export Finance. UKEF’s support will allow Solarcentury to access the working capital and bond support needed to fulfil the contracts.
International Trade Secretary Liz Truss said:
“British companies are taking the lead in developing solutions that tackle climate change and provide clean energy to thousands.
“I’m glad to see that this – underpinned by the UK’s legally binding commitment to end our contribution to climate change by 2050 – is bearing fruit on the international stage for exporters.
“We must focus on a low-carbon future and my department is ready to help what will become a very important part of the economy sell overseas.”
