Voltalia’s £20m finance package consists of a construction and long-term operating loan of up to £18.9 million and a Debt Service Reserve Facility (DSRF) of €1.1 million. Construction is currently underway, and the plant is scheduled for commissioning by the end of 2025.
Once complete, the Eastgate Solar project will feature 62,500 solar panels. The project has a 15-year Corporate Power Purchase Agreement in place with The Co-operative Group, fulfilling 7.5% of the Co-op's electricity consumption within its food stores, distribution centres and funeral care homes across the UK.
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.”
Triodos Bank UK, which specialises in finance for organisations with a clear social and environmental purpose, has three decades of experience in the renewable energy sector.
Chris Cullen, senior relationship manager at Triodos Bank UK, added:“We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity. The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”
Voltalia were advised by Michelmores, while Triodos Bank UK received legal counsel from CMS.
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Notes to editors:
For further information and photography please contact:
Ellie James
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About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
About Voltalia
Voltalia is an international player in renewable energies. The Group produces and sells electricity from its wind, solar, hydro, biomass and storage facilities. It has 3.3 GW of capacity in operation and under construction, and a portfolio of projects under development with a total capacity of 17.2 GW.
Voltalia is also a service provider, supporting its renewable energy customers at every stage of their projects, from design to operation and maintenance.
A pioneer in the business market, Voltalia offers a comprehensive range of services to businesses, from the supply of green electricity to energy efficiency services and the local production of its own electricity.
With more than 2,000 employees in 20 countries on 3 continents, Voltalia has the capacity to act globally on behalf of its customers.
Voltalia is listed on the Euronext regulated market in Paris (FR0011995588 - VLTSA) and is included in the Enternext Tech 40 and CAC Mid&Small indices. The company is also included, amongst others, in the MSCI ESG ratings and the Sustainalytics ratings.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.