Commercial solar provider UrbanVolt has secured a €40m multi-currency debt facility from HSBC Innovation Banking UK and HSBC Asset Management.
This means the Dublin-headquartered company, which has offices in London, has secured over €230m to date.
The company said its latest debt facility will be used to fund its continued growth and accelerate the delivery of commercial and industrial projects in Ireland and the UK.
UrbanVolt’s customers include brewing company Heineken, Blanchardstown Shopping Centre, multinational manufacturer Flextronics and global supply chain solution provider Syncreon.
UrbanVolt designs, finances, installs and maintains solar panels for customers and enables its customer to buy solar-generated electricity at a potentially lower cost than utility rates.
Justin Jacober, the former managing director of UK-based energy company Centrica Business Solutions, was appointed as UrbanVolt’s new CEO to drive further international expansion last year.
“This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt’’ growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK,” Mr Jacober said.
“In an unpredictable global economic climate, this funding reinforces UrbanVolt’s position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy,” he added.
Conor Sheehy, Head of Warehouse Finance, HSBC Innovation Banking UK, said today’s financing is an example of collaboration between HSBC Innovation Banking and HSBC’s Asset Management team, bringing together its expertise to provide bespoke support and deliver tailored financing solutions for its clients.
