Monday 30 March 2015

Ecotricity raises £70m for renewable energy

Ecotricity has secured a £70 million refinancing deal for its renewable energy portfolio.

That will allow the green electricity supplier to build another 60MW of solar and wind power capacity across 19 sites.

Aviva Investors provided the loan, which will help Ecotricity boost its total generation to 100MW in the next 18 months.

Ecotricity Founder Dale Vince said: “Harnessing our customers’ bills and turning them into windmills got Ecotricity to where it is today – that ‘bills into mills’ model has worked well for us over the last 20 years.

“This investment from Aviva is an evolution of that Ecotricity model – freeing up value from our own windmills – in effect we're turning ‘mills into mills’.”

Earlier this year Mr Vince publicly backed Labour ahead of the general election with a £250,000 donation.