Ecotricity receives £70m financing for renewable energy projects

29 March 2015 (Last Updated March 29th, 2015 18:30)

Ecotricity has secured £70m finance from Aviva Investors, which will help the former to expand its renewable energy portfolio.

Ecotricity

Ecotricity has secured £70m finance from Aviva Investors, which will help the former to expand its renewable energy portfolio.

The UK-based company presently is in charge of 60MW of operational wind and solar power projects in 19 locations.

The investment is expected to help the green energy developer speed up its development pipeline for new projects in the country.

Ecotricity founder Dale Vince said: "We are pleased to be working with Aviva Investors, a leading British institutional investor, on this innovative financing deal."

"The investment is expected to help the green energy developer speed up its development pipeline for new projects in the country."

The firm intends to supply 100MW of renewable power in the UK by the end of 2016. It presently has around six solar and wind projects in the pipeline, with a combined generation capacity of 20MW.

Aviva Investors infrastructure team member Elizabeth Lutley said: "We are delighted to have worked with Ecotricity on this portfolio financing, building on our track record of bringing long tenor institutional money to the renewable sector."

Ecotricity had set off a joint venture ‘Skylark ‘ with construction firm Skanska in October 2014, which is likely to boost its contribution to the wind energy sector. The JV plans to initiate 350MW of renewable power projects within five years.

The proposed developments are expected to involve around £500m. They are likely to suffice the power needs for nearly 200,000 homes in the UK.


Image: The refinancing from Aviva covers Ecotricity’s existing 60MW of operational wind and solar projects across 19 sites. Photo: courtesy of Ecotricity.