Triodos Bank UK has provided finance for what is claimed to be the largest community-owned solar farm in the UK.
Located in Warwickshire, the 60,000 solar panel Heart of England Community Energy solar farm has the capacity to generate enough electricity to power around 4,500 homes.
The total package of £16.3m combines senior loans of around £12m from Triodos Bank UK with junior loans from Social and Sustainable Capital (SASC) of around £4.3m.
Jake Burnyeat, director at Communities for Renewables CIC, said: “The loans from Triodos Bank and Social and Sustainable Capital provide a long-term lower cost finance solution which will help increase surplus income generated by the community solar farm to support local projects.
“It is also important that the funders share our values.”
Philip Bazin, environment team manager at Triodos Bank UK, added: “This transaction proves that community energy schemes can be delivered and financed at scale.
“Such schemes have multiple positive impacts: not only do they help the clean energy transition, but their profits also benefit local people.
“By driving down the cost of finance, we have helped Heart of England solar to operate more profitably and increase its financial contribution to the community.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...