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Enterprise

Durham renewables developer OnPath Energy powers forward with new 拢120m credit facility

The business says it now has the capital needed to make faster progress on more projects

OnPath Energy鈥檚 chief financial officer Simon Fisher (left) and CEO Richard Dunkley(Image: OnPath Energy)

North East wind farm developer OnPath Energy is ramping up its development plans across the 海角视频 after securing a new £120m finance facility.

The Durham based business – formerly known as Banks Renewables – was acquired by the Brookfield Global Transition Fund at the end of last year amid moves to become the 海角视频’s leading land-based renewable energy developer. Now OnPath has worked with NatWest, Barclays, Norway’s 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: “The enthusiasm our lenders showed for the development strategy we put before them reinforced the confidence we have in our future plans and we’re 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’s energy security and deliver a just transition that is fair and inclusive for everyone.

“We 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’s journey towards net zero and its essential domestic supplies of secure, affordable green energy.”

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 £490m by Brookfield last December, the firm’s accounts revealed earlier this year.

Mr Fisher added: “Being 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’re already seeing tangible outcomes resulting and will contribute towards our long-term goal of becoming the 海角视频’s leading land-based renewable energy developer.

“The new Government’s clear commitment to doing everything it can to make the 海角视频 a clean energy superpower provides the ideal context for OnPath’s future development and we’re ready to make a meaningful contribution to delivering on this goal.”