Enviromena, a clean energy solutions company, 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, to fund its target of building 500 MW of generating assets by 2025. The facility follows a £65 million (~$82 million) equity raise
Enviromena will utilize the funding to grow its self-developed ground-mount solar pipeline to more than 2GW by 2025, with over 400 MW of projects set to be submitted into planning in the next six to nine months. The company will also use the funding to acquire ready-to-build, fully consented solar projects from third parties to accelerate the growth of its portfolio.
Enviromena CEO Chris Marsh said: “Enviromena is committed to leading the transition to a world powered by clean energy by providing safe, affordable, and reliable clean energy solutions to customers across the UK and Europe. In addition to supporting the ongoing development and build out of our existing self-developed pipeline, this new funding arrangement also puts us in a strong position to acquire ready-to build projects developed by third parties to accelerate the growth of our portfolio.”
Richie Kidd, Head of Sales for the Energy team at Close Brothers, commented that “working closely with Enviromena for a number of years, we’re delighted to support the team in providing facilities that will allow them to grow their portfolio in both the construction and acquisition of projects and look forward to working with them to deliver clean energy projects as we transition towards a net zero environment.”
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, total corporate funding, including venture capital (VC) funding, public market, and debt financing, in 9M 2023 stood at $28.9 billion, 55% higher than $18.7 billion raised in 9M 2022.