United Kingdom based independent renewable power company Anesco has secured a £12m revolving credit facility from Santander UK. Anesco plans to use these funds for expansion in the UK and Europe. This finance will support its pipeline of various renewable energy projects which includes five battery storage projects and three solar farms, that are at the ready-to-build stage.
The battery storage projects are expected to be online by spring 2023 and are located in Dundee, Melksham, Nottingham, Ipswich and Essex. Meanwhile, the three solar farms are expected to be commissioned later this year and are located in England and south Wales.
Apart from these projects, the company is planning to expand in international markets, through a combination of organic growth as well as acquisitions. It plans to first enter Germany and then the Netherlands, followed by other European markets. The company is expecting a triple digit growth over the next few years in its annual revenue of £70 million owing to the progress in development of its renewable project pipeline.
Founded in 2010, Anesco specialises in solar power generation and energy storage with more than 100 solar farms and 30 energy storage facilities constructed in the UK and Europe. It develops, designs, constructs, operates and maintains grid-scale renewable energy solutions, and also provides route to market services for asset owners optimising battery storage assets across various markets.
REGlobal’s Views: A majority of financing entities across the world are heavily diverting funds towards renewable power projects. Santander, a founder member of the Net Zero Banking Alliance with a target to become net zero in CO2 emissions by 2050, has already provided funding for a large number of greenfield and brownfield renewable power projects. It is further planning to announce new decarbonisation targets for many other sectors this year.