New loan funding of £5.4m will enable Shawton Energy, which has a track record in rooftop solar photovoltaic (PV) development, to build its first ground-mounted solar farm in Pembrokeshire, West Wales – with a capacity of 8.6MWp – by the end of this year.
The lending has been provided by Triodos Bank UK, which has specialised in financing renewable energy projects for over 30 years and actively lends to organisations that are driving forward the clean energy agenda.
With a history of playing a significant role in rooftop solar PV development, Shawton Energy is taking the next step and expanding its portfolio, as well as driving forward the renewable energy transition in Wales. Construction at the site is already underway with plans for the new solar farm to be operational by the end of 2025.
Once completed, Shawton Energy has a 15-year Virtual Power Purchase Agreement (VPPA) in place with King’s Cross Estate Services – one of the largest and most successful regeneration projects in the heart of London. The derelict area has been transformed into one of London’s most vibrant destinations with rejuvenated spaces, a thriving business community and a unique cultural scene. As well as social regeneration, the development has also had strong climate commitments from the outset, including constructing highly energy-efficient buildings and integrating nature into design choices.
Jamie Shaw, founder and managing director of Shawton Energy,said: “We’re thrilled to receive the support and financing from a bank like Triodos. Our mission at Shawton Energy is to enable businesses across the UK to access cheaper, greener energy through innovative solutions and this loan will enable us to expand our portfolio and introduce ground-mounted technology to our solutions.”
Chris Cullen, senior relationship manager at Triodos Bank UK, added: “We’re delighted to be supporting Shawton Energy in its plans to build the first ground-mounted solar farm in its portfolio. This innovative approach through a VPPA helped unlock the financing of this project as it provides predictable revenue streams and secures the financial future of the project. Unlike traditional power purchase agreements, a VPPA operates as a long-term electricity price hedging agreement.”
“Both Triodos Bank and Shawton Energy share the vision of accelerating the transition to a greener and cleaner energy system for all, and it’s only through financing projects like this will we realise that vision and the change we want to see in the energy sector.”
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Notes to editors:
For further information and photography please contact:
Ed Grattan
T: 07817 413 792
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Triodos Bank has Minimum Standards criteria which guides its lending activities and enables it to only finance organisations that are delivering positive impact for people and the planet. In the case of renewable energy projects, Triodos Bank only finances ground-mounted solar projects on low quality agricultural land.
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.
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