Low Carbon Raises £310 million For PV

• International banks have lent £310 million to British renewable energy company Low Carbon
• This will support the development of an additional 448 MW solar PV capacity in the UK and the Netherlands
• It takes the company's total debt funding raised to £540 million taking its total solar PV pipeline under construction in the 2 markets to 1 GW

Renewable energy company Low Carbon in the UK has raised £310 million ($385 million) from a host of international lenders to support the construction of an additional 448 MW solar PV capacity in the UK and the Netherlands, moving the company forward on its goal of 20 GW new renewable energy capacity by 2030.

The fresh round of financing comes from ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division).

Low Carbon says this finance facility takes the company's total amount of debt funding raised to £540 million ($671 million) making it one of the largest gross asset value (GAV) based construction debt facilities in the private sector.

Additional funding brings its total solar PV pipeline under construction in the UK and Europe to approximately 1 GW, enough to power around 350,000 homes.

"This closing is an important milestone for Low Carbon and highlights our ability to raise flexible and efficient structured funding products at scale, a skill that will be critical if we are to deploy the ambitious pipeline that we have in front of us," said Low Carbon's Head of Financing, Fernando Dominguez de Posada.

In February 2023, the company had contracted China's Trina Solar to supply solar modules for 1 GW of its UK and Dutch project pipeline (see Trina Solar Bags 1 GW Module Order For Europe).