The UK’s leading independent green energy company, Gloucestershire-based Ecotricity, has successfully refinanced Alveston wind farm with support from Clydesdale Bank. The funding package will free up capital and facilitate continue support of its customer base through investment in new generating assets including subsidy free renewables.
Alveston, located just north of Bristol, became operational in late 2017. With a built capacity of 6.9MW comprising 3 Enercon turbines is already producing enough electricity to power around 3,000 homes. Due to changes in government policy, Alveston is likely to be one of the last projects accredited under the Renewable Obligation subsidy regime.
Ecotricity was established in 1995 by Dale Vince OBE. Ecotricity now operates and maintains 74 wind turbines with a capacity of around 90MW, supplies 200,000+ business and domestic customers with green electricity and gas and employs 800 staff. Ecotricity’s interests also include transport and food.
When Ecotricity switched on its first windmill 21 years ago, less than 3% of the UK’s electricity was renewable. This figure now sits at a significant 25%. The business has been a key driving force in this changing landscape and has achieved widespread acclaim as the only energy company globally to have obtained an EMAS accreditation – the gold standard for environmental management. In a bid to increase transparency in the industry, the business also reports its carbon cost per customer of its entire operation – one of only a handful of companies, worldwide, who do so.
Dale Vince, Founder of Ecotricity said: “Ecotricity combines the mission led focus of an NGO, with the best tools of business - to actually get things done. We operate a not-for-dividend model, ploughing back the money we make into our mission – to create a greener Britain where sustainability is at the heart of everything. Today we focus on Energy, Transport and Food, because these three areas of life together are responsible for 80% of everybody’s personal carbon emissions".
On the re-financing deal, Emily Staples, Strategic Finance Director at Ecotricity said: “We found Clydesdale Bank to be very professional and helpful in their approach. They understood our main drivers and shaped the facility to help us achieve the position we required. We look forward to working with the Bank and building on what we already see as a strong relationship.”
Keith Wilson, Head of Renewable Energy at Clydesdale Bank said: “Ecotricity is a market leading business with an excellent reputation and admirable core values, making them an ideal partner for the bank as we seek to increase our impact across both energy and sustainability. We very much enjoyed working with Ecotricity on this transaction and look forward to continuing to support the business going forward".
We look forward to working with the Bank and building on what we already see as a strong relationship.