British Renewables Firm Bags Finance To Expand In Europe

• Hive Energy has raised £19 million in a bank guarantee facility from Santander to fuel its international expansion 
• The new facility will help it deliver new and existing renewable energy projects with immediate focus on the markets of Turkey, Poland, Croatia and Serbia 
• It has also acquired 272 MW solar PV capacity in Poland from T&T Proenergy with whom it aims to develop a minimum 700 MW PV capacity 

With the help of the UK Export Finance (UKEF), Hive Energy has secured a £19 million ($24 million) bank guarantee facility from Santander to strengthen its international renewable energy presence, with an immediate focus on the markets of Turkey, Poland, Croatia and Serbia. 

Hampshire-headquartered Hive is already operating 11 MW solar PV capacity in Turkey. In January 2023, British Chamber of Commerce-backed Hive proposed to develop 4 GW solar and energy storage capacity worth $4 billion in Turkey (see Hive Energy's $4 Billion Solar & Storage Plans For Turkey). 

It is also developing new facilities to produce green hydrogen and green ammonia in core projects of South Africa, Spain and Chile through its subsidiary Hive Hydrogen (see World's 'Largest' Green Ammonia Plant Planned). 

"Government-backed export finance can be a valuable tool for firms looking to do more in the renewable energy sector," said UKEF Export Finance Manager for Hampshire and Isle of Wight, Richard Armstrong. "I take great pleasure in our commitment to backing Hive Energy as it pursues its aim of reducing the energy sector's carbon impact and secures more overseas contracts." 

Back in 2021, UKEF committed its largest-ever guarantee for a solar project till then with £217 million for Turkey's largest solar facility, the 1.35 GW Karapinar project (see Finance For Turkey's Largest Solar Facility).  

Soon after raising the facility, Hive also expanded its PV pipeline in Poland with the acquisition of a 272 MW project from the Polish developer T&T Proenergy. Both the companies will co-develop these early-stage solar projects to ready-to-build (RTB) status.  

Both these developers have an ongoing development agreement for a portfolio of a minimum 700 MW solar in the region, with potential to be extended in the future.  

Hive said it is further exploring renewable energy options in Poland including greenfield PV, wind, battery energy storage and green hydrogen. The British company sees Poland as a suitable investment region citing the attractive energy prices, government support and demand for renewable energy.