Innova Energy secures £30 million debt funding from NatWest
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.”