Dublin-based clean energy firm UrbanVolt has secured €36m from lenders and investors to expand solar panel installation across Ireland and the UK.
The money includes a €30m asset-backed seven-year loan from Sweden-based credit fund PCP and €6m from existing partners BVP, an Irish impact investment fund, and US investor Beach Point Capital.
The firm installs LED lights and solar panels in large firms’ factories and warehouses, fronting the cost and sharing the resulting energy savings with firms via long-term contracts.
UrbanVolt finances the entire cost of buying and installing the solar panels, with the new loan expected to “significantly increase” the number of installations it can complete over the next two years, it said in a statement Tuesday.
“This is a transformational deal, which will allow us to scale at pace to meet the significant demand in the market while also streamlining the process of installing solar panels for our customers’ benefit,” said co-founder and chief executive Kevin Maughan.
“This first funding facility from PCP will see our project output grow by 20 [times] over the coming years. It is also happening at a time when the demand for renewable energy is rising significantly given climate and geopolitical crises.”
PCP managing director Henrik Bjerklin said his firm was "proud to partner up with a team of passionate entrepreneurs who drive the transition towards a more sustainable energy consumption".
UrbanVolt was established in 2015 and branched into solar energy just last year after raising €7m from investors including the Ireland Strategic Investment Fund (ISIF) and former Green Reit co-founder Stephen Vernon.
It sells the solar electricity generated from its panels to firms at up to 30pc below the price charged by traditional electricity suppliers.
Since launching its solar business, UrbanVolt has agreed contracts with over 60 companies and has seven installations completed to date.
The energy generated from the agreed contracts will be the equivalent of taking 4,000 homes off the grid.
UrbanVolt has operations in Ireland, UK, the US and in eight European markets, and counts brewing company Heineken and pharmaceutical company Pfizer among its clients.