North East wind farm developer OnPath Energy will ramp up its development plans across the Ƶ 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 Ƶ’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.
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 Ƶ that will help to lower consumer bills, improve the Ƶ’s energy security and deliver a just transition that is fair and inclusive for everyone.
Wax jacket fashion firm Barbour has joined forces with fellow North East business Fenwick to launch a pop-up cafe in the store.
The department store has opened Barbour Tea & Toasties, a cafe decorated with quilted Barbour-style furnishing, serving tea in matching quilted cosies from now until . The concept – launched to celebrate the 30th anniversary of the Liddesdale quilted jacket – has been brought to life by Fenwick’s restaurant team, with a menu created in collaboration with local, independent businesses, with cheese from Berwick Edge and tea from Ringtons to celebrate the region’s craftmanship.
Leo Fenwick, strategic partnerships director at Fenwick, said: “We are constantly looking for new and exciting ways to enhance customer experience and this partnership with Barbour, in celebration of the anniversary of one of their most celebrated pieces, allows us to offer something truly unique which we know our customers will enjoy."
Paul Wilkinson, Barbour Group commercial director/deputy group managing director, said: “Both Fenwick and Barbour are proud family-owned businesses which are synonymous with the North East, with a rich history and strong relationship. The pop-up, brought to life by Fenwick’s expert restaurant team, provides an exciting one-off experience for customers. It forms part of our wider plans to build our valued partnership together with our latest globally recognised collaboration collections set to launch with Fenwick in the coming months.”
Property finance institution GB Bank secured a £20m capital boost and announced the appointment of a new chair. The bank, which specialises in lending to SME property developers and investors and was originally launched in Newcastle where it maintains a satellite office, has received an extra £16m from Hera Holdings Ltd and an additional £4m from the Teesside Pension Fund.
Hera Holdings Ltd and Teesside Pension Fund are existing investors in GB Bank, having invested £30m and £6m respectively in 2024 to date.
The bank – which announced in summer moving its head office from Middlesbrough to its base in Mayfair, London – also revealed that chair Mark Sismey-Durrant is stepping down to be replaced by Huw Morgan, currently the chair of Oxbury Bank plc and Premier Forest Ltd, with more than 25 years’ experience in the Ƶ banking sector.
Mike Says, GB Bank chief executive officer, said: “We are absolutely delighted to have received this additional investment from Hera Holdings Ltd and the Teesside Pension Fund. It is a fantastic vote of confidence in our growth strategy and in the progress which we have already made as we look to become the go-to lender for property investments in the Ƶ.
Hydrogen specialist GeoPura has sealed a £22m investment to ramp up its work. The company, which is based at Siemens Energy in Newcastle, is expanding production of its Hydrogen Power Units (HPUs) that harness green hydrogen to provide zero-emission electricity, replacing traditional diesel generators.
The company is mass manufacturing HPUs alongside its partner Siemens Energy in Byker, Newcastle, bringing more generators to market to meet growing demand while driving forward green skills in the North East.
Now the zero emission power company has completed its inaugural debt funding round, securing £22m to fund renewable fuel infrastructure. The deal comes on top of a £56m investment round announced in February 2024, and a £36m Series A funding round in February 2023.
Debt funding has been secured from a panel including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC Ƶ and Siemens Financial Services. GeoPura said the proceeds will be used to recapitalise and fund GeoPura’s growing fleet of HPUs, as well as key supporting infrastructure such as tube trailers.
Derek Bulmer, CFO of GeoPura, said: “Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5bn in capital over the next decade. This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the Ƶ’s net zero targets.
“Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC Ƶ and Siemens Financial Services is critical to delivering this vision and achieving these goals. This milestone supports our commitment to a cleaner, healthier future and underpins the vital role of sustainable finance in advancing global environmental goals.”
