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Ecotricity secures £70m refinancing for renewable energy portfolio

CTBR Staff Writer Published 30 March 2015

UK green energy firm Ecotricity has secured a £70m refinancing from Aviva Investors for its green energy portfolio.

Ecotricity

The deal covers Ecotricity's existing 60MW of operational wind and solar projects across 19 sites.

Ecotricity founder Dale Vince said the agreement will help the company accelerate its its development pipeline of new renewable energy projects in the UK and represents an evolution in its business model.

"We are pleased to be working with Aviva Investors, a leading British institutional investor, on this innovative financing deal."

Ecotricity is targeting a total generation capacity of 100MW by the second half of 2016. The company already has approval for six solar and wind farm sites with a capacity of 20MW.

Aviva Investors infrastructure team member Elizabeth Lutley said: "We are delighted to have worked with Ecotricity on this portfolio financing, building on our track record of bringing long tenor institutional money to the renewable sector."

In October 2014, Ecotricity and construction firm Skanska formed a joint venture to build wind farm projects in the UK.

The JV, dubbed Skylark, plans to build 350MW of new green energy projects into the UK planning system in the first five years.

The projects, which would represent a potential investment of £500m, will deliver enough energy for about 200,000 homes.

Image: The refinancing from Aviva covers Ecotricity's existing 60MW of operational wind and solar projects across 19 sites. Photo: Courtesy of Ecotricity.