Voltalia, a renewable energy power producer, secured £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project.
The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.
Currently, the Eastgate solar project is under construction and is expected to reach commercial operation by the end of 2025. Under a 15-year power purchase agreement signed with British consumer co-operative Co-op, the project will fulfill 7.5% of the company’s corporate electricity consumption.
Michelmores advised Voltalia, while CMS provided legal advice to Triodos on the transaction.
In October 2024, the company secured financing of up to $54.6 million for the construction of the 126 MW Sarimay solar project in Uzbekistan from the European Bank for Reconstruction and Development. The project is currently under construction and is expected to be commissioned in the second half of 2025.
In October 2023, the company also sold its 420 MW solar project to Newave Energia, a partnership between Gerdau and Newave FIP in Brazil. The project sold is a part of the larger Arinos cluster. The cluster has a total potential capacity of over 1.8 GW, and Voltalia will be responsible for developing the entire cluster, including this sold project.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Last week, Doral Renewables, a utility-scale renewable energy project developer, closed tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
