Bank provides £16.5m loan facility as developer seeks to expand presence in emerging economies
UK-based renewable energy developer Solarcentury has secured £16.5m in loans from Santander to support plans to grow its business at home and in Latin America.
The company announced today that the loan facility had been confirmed, adding that the finance will now be used for investments in solar farms and rooftop projects.
Neil Perry, chief financial officer at Solarcentury, said the company was seeking to build on its success of last year, which saw revenues grow to £80m delivering pre-tax profits of £2.4m.
"To fuel this growth, we were seeking an additional banking partner and we are delighted that Santander has chosen to work with us," he said in a statement.
"Santander is active in the UK solar market and therefore has an excellent working knowledge of our industry. We are also looking to work with Santander as we expand overseas, especially in Latin American markets where the market for solar is starting to take off and where Santander is particularly strong."
The company made a series of international appointments last year in a bid to expand into new markets, including appointing Bertrand Belben to establish a new office in Panama.
UK insurers will be called upon next month by the Prudential Market Authority to stress test their business against a range of climate and transition risks
As ClientEarth warns too many councils have missed deadlines to submit air quality plans, government confirms fresh support from its Clean Bus Technology Fund
Environment Agency chair Emma Howard Boyd's speech at the European Bank for Reconstruction and Development - in full
Britain has its first new deep coal mine in decades - a result of pretending climate change isn't political
Rebecca Willis argues the controversial decision to approve a new coal mine in the UK is symptomatic of a wider political failure