Ethical Power has secured a new £20 million debt facility to support project development and construction of large-scale solar and BESS projects.
The company secured funding from Thrive Renewables, which will also fund its equity commitments to projects. The loan has been agreed for a 6-year term, it said.
According to Stephen Williams, chief financial officer at Ethical Power, "This agreement represents the beginning of a new relationship between Thrive Renewables and Ethical Power. It is a substantial level of support and we’re very excited about the opportunities this opens for us.”
So far, Thrive Renewables has been operating in the UK renewable energy market since 30 years. The company has funded onshore wind, solar, hydro and battery storage.
Matthew Clayton, managing director at Thrive Renewables was quoted in a statement, "In the midst of the ongoing energy and climate crises, this partnership with Ethical Power will allow the company to build vital new renewable and storage capacity that will accelerate the UK’s transition to net zero.”
The company shared that it is the largest single investment of the company to date.
Overall, the company further aims to contribute to the UK’s decarbonization goals.
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