Tuesday 16 May 2023

Low Carbon bags £310m to take solar pipeline to 1GW

Low Carbon has received £310 million in funding to grow its solar pipeline under construction to 1GW.

The funding will be provided by the Commonwealth Bank of Australia, ABN AMRO, ING and Intesa Sanpaolo – taking the amount raised for projects by the renewables firm to £540 million.

The planned 1GW of solar projects will provide enough energy to power 350,000 homes and prevent 300,000 tonnes of carbon being emitted, Low Carbon has said.

It has set an aim to create 20GW of new renewable energy capacity by 2030.

Head of Financing, Fernando Dominguez de Posada, said: “This closing is an important milestone for Low Carbon and highlights our ability to raise flexible and efficient structured funding products at scale, a skill that will be critical if we are to deploy the ambitious pipeline that we have in front of us.”