Enviromena secures £11.1 million for first UK solar farm

Enviromena’s UK subsidiary has secured a ₤11.1 million debt facility from Close Brothers Leasing UK (Close) to finance the construction and operation of its self-developed 25.2 megawatts (MW) solar project in Winchester, Hampshire, UK, which recently achieved planning and fully consented status.

Overall, the solar project will represent an annual production of 29,124 MWh and 6,800 tons of CO2 emissions avoided per year.

Enviromena currently has a total solar development portfolio of 500MW in the UK and Italy and is targeting 2 GW in Europe over the next five years, including the 500MW already in development.

Cabell Fisher, CEO of Enviromena, commented “This facility from Close Brothers represents a major milestone in Enviromena’s history as we have now proven that our team can develop attractive, bankable renewable projects in key European markets.  We are thrilled to have such a well-known and respected partner as Close Brothers Leasing give us their vote of confidence that Enviromena’s team can successfully and safely deliver results for our financing partners.” 

Richie Kidd, Energy Finance at Close Brothers Leasing UK, said “Our partnership with Enviromena underscores Close Brothers’ belief that green energy is a key component to the sustainability of the UK’s energy market and sits with our goal to provide flexible green financing solutions.  The experience of Enviromena’s team gives us confidence that the project will be a success supporting the UK’s transition to net-zero.” 

Adrian Pike, Chairman of Enviromena, said “I am very proud of the Enviromena team for achieving this great milestone and for procuring external project financing from such a well-established and respected financial institution as Close Brothers Leasing. Both myself and Enviromena’s sole shareholder, Arjun Infrastructure Partners, are pleased with how the business has now transitioned from a basic and traditional EPC business to a fully-integrated, bankable renewable solution developer.”