-- UK-headquartered renewable energy developer Enviromena has secured 825 million British pounds ($1.12 billion) in finance to expand its solar portfolio and renewable energy platform, the company said on Friday.
The loan will be underwritten by a syndicate comprising BBVA, Intesa Sanpaolo, Lloyds, NatWest, and Societe Generale. A first 525 million pounds has already been committed, providing capital to deliver a 1 gigawatt solar pipeline across the UK.
The company said the finance package was a major step forward in its ability to accelerate project delivery as demand for clean and domestically produced energy grows.
The loan is structured as a "flexible platform" with a 300 million pound uncommitted portion, enabling the company to access it as projects progress.