Renewable energy firm Voltalia UK has secured a £18.9 million loan from sustainable bank Triodos to build a new solar power plant.
The funding will enable the clean energy producer to construct a new, subsidy-free ‘photovoltaic plant’ (large scale solar farm) with a capacity of 34MW near Scarborough, North Yorkshire. This could potentially power between up to 34,000 households annually.
Construction on the Eastgate Solar project is already underway, with it scheduled to begin producing energy by the end of this year.
The project – which will feature 62,500 solar panels – has a 15-year Corporate Power Purchase Agreement in place with The Co-operative Group. This means it will fulfil 7.5 per cent of the Co-op’s electricity consumption within its food stores, distribution centres and funeral care homes across the UK.
Yoni Ammar, deputy CEO of Voltalia, said: “This significant investment reinforces our commitment to expanding our renewable energy footprint. We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK’s transition to a cleaner, more sustainable energy future.”
Triodos Bank UK, which specialises in finance for organisations with a clear social and environmental purpose, has three decades of experience in the renewable energy sector.
Chris Cullen, senior relationship manager at Triodos Bank UK, said: “We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity. The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”
