LONDON (Reuters) - British renewable energy investment firm Low Carbon has secured an additional 310 million pounds ($391.25 million) of financing for its solar projects in Britain and the Netherlands from several leading banks, the company said on Tuesday.
The financing will enable the company to double the amount of capacity it plans to build through its solar facility, adding 448 megawatts (MW) to take the total to almost 1 gigawatt (GW).
Together, the projects which are expected to start generating in the mid-2020s, will provide enough electricity to power around 350,000 homes, the company said.
“Deploying nearly 1 GW of solar PV capacity will play a significant role in helping us to deliver our strategic goal of creating 20 GW of new renewable energy capacity by 2030,” Low Carbon Founder and CEO Roy Bedlow said.
The company currently has an 8 GW pipeline of international projects and 1.3 GW of operational assets under management.
The additional lending came from international banks, ABN AMRO (AS:ABNd), ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (BIT:ISP).
It comes on top of a 230 million pounds financing facility agreed last year with Natwest (LON:NWG), Lloyds (LON:LLOY) Bank and AIB.
($1 = 0.7923 pounds)