Sep 23, 2020

Innova Energy secures £30 million debt funding from NatWest

solarpower
Finance
Sustainability
Bizclik Editor
1 min
Financing will develop UK rooftop and ground-mounted solar PV1 projects with a total installed capacity of 57 MW
Financing will develop UK rooftop and ground-mounted solar PV1 projects with a total installed capacity of 57 MW...

Innova Energy has secured £30 million of debt funding from NatWest to finance a mixed portfolio of UK rooftop and ground-mounted solar PV1 projects with a total installed capacity of 57 MW.

The funding makes up part of NatWest’s commitment to provide £20bn of funding for climate and sustainable finance by the end of 2022 to accelerate the transition to a low carbon economy. This transaction represents one of the first SONIA4 based loans for a project finance funding requirement. 

The portfolio of solar projects is part of Innova’s strategy and commitment to invest in quality assets generating green power across a diverse range UK sites, including selling power to industrial and commercial customers. The projects are accredited under both the government’s ROC2 and FIT3 regimes. The Innova portfolio generates 53.5GWh of electricity from solar and helps abate approximately 21,400 tonnes CO2 per annum.

Andrew Kaye, Director of Innova Energy, said: "We are now ideally placed to continue providing locally-generated green solutions to energy users across the UK.”

Gauri Kasbekar-Shah, Director, Project and Infrastructure Financing at NatWest added: “We have worked together on this innovative SONIA-based solution, which we believe to be the first for a renewables project finance deal and a template for future transactions in the sector.”

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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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