In line with this, we are proud to announce a new loan of £18.9m to Eastgate Solar Ltd, a project developed by Voltalia UK Ltd, a subsidiary of the French international energy producer and service provider, Voltalia. This organisation specialises in developing, and building out renewable energy solutions, helping customers to join the global energy and ecological transition movement.

This new funding will enable the construction of a new, subsidy-free photovoltaic plant with a capacity of 34MW near Scarborough, North Yorkshire. The renewable energy this will generate will contribute to reducing the UK’s reliance on fossil fuels, furthering the energy transition in de-carbonising the electricity grid.

What impact will this have?

This project has a 15-year corporate power purchase agreement in place with The Co-operative Group. Through this the Co-Op has agreed to purchase all of the energy that this project will produce, which will go towards fulfilling 7.5% of the Co-op's electricity consumption within its food stores, distribution centres and funeral care homes across the UK.

Over the course of a full year, this plant is expected to produce around 34,000 megawatt hours (MWh) of electricity, which is enough to power:

• Over 170 Co-op Food Stores
• 500 Co-Op Funeralcare homes
• Or around 12,500 UK homes

In line with this clean energy generation, this project is expected to offset 14,660 tonnes of carbon dioxide emissions a year – based on the current carbon intensity of the UK’s grid.

Yoni Ammar, deputy CEO of Voltalia, commented: “This significant investment reinforces our commitment to expanding our renewable energy footprint. We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK's transition to a cleaner, more sustainable energy future.”

What do we mean by an energy transition?

Replacing fossil fuel-reliant power stations with renewable energy sources, such as wind and solar, is a vital part of stabilising climate change and achieving net zero carbon emissions.

According to the International Energy Agency’s latest outlook, as of 2023, a staggering 80% of the world’s primary energy supply was being derived from fossil fuels. While these resources have helped to drive economic growth, their extensive use has come at a significant environmental cost. Energy sources like crude oil and fossil fuels release high quantities of CO₂ into the environment when combusted, which contributes to a greenhouse effect.

At Triodos Bank, we work to drive forward a cleaner, greener energy system through actively getting involved in renewable energy projects and funding various renewables from wind to solar and energy storage too.

“We want to see the economy moving away from fossil-based energy production to green energy generation”,  Amandine Têtot, head of energy and project finance at Triodos Bank UK.

Pioneering for over 30 years

Our journey on this mission dates back to 1996, one year after our establishment in the UK, as we financed Ecotricity to build its first wind turbine at Lynch Knoll, Gloucestershire, which has been operating ever since.  

“Around this time, I met Triodos; they were a new kind of bank, an ethical one – something that’s still rare today: They were from Holland, just setting up in Britain, and they were willing to not only lend me the money to build the windmill, but to let me build it myself”,  Dale Vince, Founder of Ecotricity.

Since then, we have been involved in a plethora of deals, supporting customers like Harmony Energy with the development of its large-scale energy storage infrastructure projects and also providing crowdfunding offers for people looking to support Thrive Renewables PLC’s new clean energy projects.

As the green energy sector grows, organisations continue to innovate and offer market leading solutions to the damage caused by non-renewable energy sources. Triodos have been fortunate enough to work with Ember Core Ltd, the UK’s first fully electric inter-city coach service to expand their fleet of EV vehicles, as well as Solar for Schools, a community benefit society focused on installing roof-top solar photovoltaic installations in schools across the UK. 

Keith Bradbury, co-founder at Ember, added: “Triodos have been with us from the very start of Ember and have adapted their approach as we’ve scaled the business, taking a deeper look into our long-term plans, and understanding what financial backing they could provide to support each phase. Whilst many banks say they are supporting green projects, Triodos stand out from the crowd with their ability to look at a project’s merits from first principles to understand the true impact it can deliver.”