North East wind farm developer OnPath Energy is ramping up its development plans across the 海角视频 after securing a new 拢120m finance facility.
The Durham based business 鈥 formerly known as Banks Renewables 鈥 was acquired by the Brookfield Global Transition Fund at the end of last year amid moves to become the 海角视频鈥檚 leading land-based renewable energy developer. Now OnPath has worked with NatWest, Barclays, Norway鈥檚 largest bank DNB and the Canadian Imperial Bank of Commerce (CIBC) to set up the new business credit agreement, giving it the working capital it needs to make faster progress on more renewable energy generation schemes.
Based at Rainton Bridge Business Park and with offices in Hamilton and London, OnPath Energy currently has five consented onshore wind and solar energy schemes across England and Scotland in development, with further sites in planning.
Simon Fisher, chief financial officer at OnPath Energy, said: 鈥淭he enthusiasm our lenders showed for the development strategy we put before them reinforced the confidence we have in our future plans and we鈥檙e excited to be moving into this next stage of our evolution. OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, which will amplify the part we can play in a net zero future for the 海角视频 that will help to lower consumer bills, improve the 海角视频鈥檚 energy security and deliver a just transition that is fair and inclusive for everyone.
鈥淲e will grow in terms of our diversity of projects and technologies, as well as geographically, and will deliver a range of high-quality projects that will contribute to both the 海角视频鈥檚 journey towards net zero and its essential domestic supplies of secure, affordable green energy.鈥
The business, which has more than three gigawatts of renewable energy generation and electricity storage projects in its pipeline with more to follow, was acquired for 拢490m by Brookfield last December, the firm鈥檚 accounts revealed earlier this year.
Mr Fisher added: 鈥淏eing part of the Brookfield portfolio has given us greater access to capital, global relationships for procurement and routes to market, all of which will have a galvanising effect on our pace of progress. This new agreement is another part of how we鈥檙e already seeing tangible outcomes resulting and will contribute towards our long-term goal of becoming the 海角视频鈥檚 leading land-based renewable energy developer.
鈥淭he new Government鈥檚 clear commitment to doing everything it can to make the 海角视频 a clean energy superpower provides the ideal context for OnPath鈥檚 future development and we鈥檙e ready to make a meaningful contribution to delivering on this goal.鈥
Norton Rose Fulbright provided legal advice to OnPath Energy during the transaction, with Ashurst working on behalf of the lenders.
