Wesleyan Bank has launched a bespoke cash flow product for the renewable heat sector.
The renewable heat incentive (RHI) financing solution — which was formed following the specialist bank’s partnership with Alterinvest Capital — provides advanced payment for qualifying RHI projects.
RHI financing allows operators to access the funding required to invest in sustainable technology to comply with the government’s new green energy strategy.
The financing is available for qualifying technology projects receiving RHI payments, with the solution structured to assist renewable heat operators to overcome technical, financial and commercial hurdles.
An upfront single payment — based on a business’s forecasted 12-month RHI claim and historic RHI receipts — is provided for qualifying companies.
Richard Baker, head of broker sales at Wesleyan Bank (pictured above), said: “Improving cash flow can make a tangible difference to the success of renewable energy projects.
“Our solution aims to accelerate annual RHI subsidy income into one upfront payment, reducing the impact of short-term, set-up costs and is suitable for customers’ operating systems that have already achieved accredited status.”
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