These investments included the provision of £3 million (GBP) in project finance to Danish Better Energy for a UK ground-mounted solar farm in Creswell, Derbyshire.
Located on the site of a former colliery, the 19,206 panel, 11.8 hectare Creswell Solar Farm project is expected to produce 4,974,000 kWh a year - enough to power 1800 homes. It is the first time since the closure of the underground coal mine in the 1990s that the location will again be used to produce energy - only this time it will be clean, renewable solar energy. The project was successfully commissioned prior to 31 March 2016, meaning that it will qualify for 1.3 ROCs for every MWH produced, and will receive revenue through the ROC (Renewable Obligations Certificates) subsidy scheme and through power sold under a PPA (Power Purchase Agreement) contract. Better Energy funded the project with Equity and Climate Bonds in addition to the Triodos Bank loan.
Phil Bazin, Energy Sector Lead, Triodos Bank UK, said: "It is obviously a great position to be in and really demonstrates the hard work being put in by ourselves and our European colleagues. Perhaps the most important point is that it is our flexibility that has had an integral role to play. We are prepared to look at funding projects of different sizes, including smaller one that many other banks and debt funds are not prepared to look at. This has really made a difference, as has our relationship-driven ethos which has helped us retain scores of repeat customers."
"2016 also saw us expanding into new territories, including Costa Rica, Guatemala and Georgia, and new sectors such as heat pumps and ATES systems. This culture of innovation has really helped us to challenge ourselves and seek out the new markets and new ideas that will enable us to continue expanding our customer base."
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About Triodos Bank
Triodos Bank is a global pioneer in sustainable banking using the power of finance to invest in projects that are good for people and the planet. Triodos uses its €13.5 billion (2016) in assets to create social, environmental and cultural value in a transparent and sustainable way.
With UK operations based in Bristol, Triodos Bank has branches in the Netherlands, Belgium, Spain, Germany and an agency in France. Globally, Triodos Bank has microfinance projects in Central Asia and Eastern Europe, and is a founding member of the Global Alliance for Banking on Values (GABV), a worldwide network of 36 banks seeking to transform finance into a vehicle of positive influence.
This financial promotion has been issued and approved by the UK division of Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales with branch number BR3012). Authorised by the Dutch Central Bank and subject to limited regulation in the UK by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol, BS1 5AS. VAT reg no 793493383. Calls to and from Triodos Bank may be recorded for training and monitoring purposes.