Bristol-based renewable energy investor Thrive Renewables has agreed to provide a loan facility of up to GBP 20 million (USD 25m/EUR 23.3m) to UK utility-scale solar and battery storage company Ethical Power to fund some of the projects in its pipeline, the parties announced on Wednesday.
The loan, which has a term of six years, will enable Ethical Power to finance its stake in a group of large-scale solar and battery energy storage projects and bankroll their development and construction. Its plan is to build two 25-MW battery storage facilities and four solar farms with a combined capacity of 142 MW across the UK over the next three to five years.
Ethical Power, through various partnerships, owns solar and battery storage projects at different stages of development and construction. The firm also serves as the EPC contractor on these projects.
The whole initiative will boost the size of the portfolio of assets funded or built by Thrive Renewables to 337 MW from 145 MW.
(GBP 1.0 = USD 1.249/EUR 1.164)