Low Carbon, a renewable energy investor, raised a £230 million (~$265 million) senior debt facility to construct 1 GW of large-scale renewable energy projects in the UK and the Netherlands.

The debt facility was provided by three leading commercial banks, NatWest, Lloyds Bank, and AIB, as the renewable energy investment leader’s rapid growth trajectory continues.

The fund raised will be injected into Low Carbon’s growing portfolio. The company expects to immediately deploy to support the construction of 500 MW of new solar PV capacity across 17 assets in the Netherlands and the UK. Further investment will follow shortly, as the facility’s accordion feature provides the ability to raise an additional £200 million taking the total solar PV capacity in construction to 1GW.

Commenting on the announcement, Founder and Chief Executive of Low Carbon Roy Bedlow, said: “We are delighted that three of the UK and Ireland’s leading banks have demonstrated a major endorsement of our business and its ambitions for expansion. The next decade is crucial to slowing the pace of climate change, and it is imperative that we rapidly deploy renewable energy at scale. The initial projects included in the finance facility will provide many in the UK and the Netherlands with clean, affordable energy in the years to come, and will help Low Carbon reach our strategic goals of net zero and 20GW of new renewable energy capacity by 2030”.

Monarch Private Capital, an ESG investment firm that develops, finances, and manages a diversified portfolio of projects, recently announced the closing of a tax equity investment of $160 million in the 113 MW Longbow Solar project in Brazoria County, Texas.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.