U.K.-based Enviromena, an independent power producer, has signed an £825 million (~$1.1 billion) senior portfolio financing package to support the expansion of its solar portfolio across the U.K.
The transaction is underwritten by a syndicate of lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest, and Société Générale.
The facility includes an initial committed tranche of £525 million (~$708 million), which will provide immediate capital to fund the development and construction of a 1 GW pipeline of solar projects. The remaining £300 million (~$405 million) is structured as an uncommitted accordion feature, allowing the facility to scale alongside the portfolio as projects progress from late-stage development through construction and into operation.
Chris Marsh, CEO at Enviromena, said, “This is a landmark transaction for our business and demonstrates strong momentum in our growth strategy. With this support, we are accelerating the transition from development to delivery, building a gigawatt-scale solar platform to supply homes, businesses, and support the UK’s energy transition.”
Perella Weinberg acted as exclusive financial advisor to Enviromena. Travers Smith served as borrower counsel, while Eversheds Sutherland acted as lender counsel.
Earlier this year, the company reached financial close on its Rock Farm solar project in Shropshire, securing construction financing from Close Brothers’ Energy team and enabling construction to proceed on the fully consented 40 MW project. Once operational, Rock Farm is expected to produce enough clean electricity each year to power more than 16,000 homes across the U.K.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In 2023, Enviromena secured £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, which also follows a £65 million (~$82 million) equity raise.
