Low Carbon is a purpose-driven company that creates large-scale renewable energy in the global fight against climate change. With the goal of creating 20GW of new renewable energy capacity and achieving net-zero emissions by 2030, Low Carbon develops, invests in, and operates large-scale renewable energy projects worldwide.
In 2022, NatWest Group was a cornerstone lender of the £230 million lending facility that Low Carbon is using to fund the construction of 500MW of new solar photovoltaic (PV) capacity across 17 assets in the UK and the Netherlands.1
NatWest Group also deployed additional balance sheet support to help Low Carbon in securing the liquidity needed by the financial close date for the project and performing a critical role in facilitating the deal.
The deal has since been increased by £310 million with NatWest Group remaining a lead tier-1 lender and hedging bank, to a total of £540 million – making it one of the largest European private construction debt facilities of its kind.2
The increased facility will enable Low Carbon to grow its renewable core capacity with the construction of an additional 448MW of solar PV capacity in the UK and the Netherlands, taking the total under this facility to around 1GW.
The funding is a milestone transaction for both NatWest Group and the market, providing a sizeable contribution to the UK and the European energy transition. It is a clear demonstration of NatWest Group’s purpose, supporting our customers transition to net zero, and forms part of our target to provide £100 billion of climate and sustainable funding and financing between 1 July 2021 and the end of 2025.
Commenting on the transaction and the partnership with NatWest Group, Founder and Chief Executive of Low Carbon Roy Bedlow said: ‘We were delighted to work with NatWest as one of our main banking partners in this finance facility that will play a crucial role supporting the net zero aims of the UK and the Netherlands.
‘The bank’s expertise and capability will also act as a critical enabler to assist us in achieving our strategic goal of creating 20GW of new renewable energy capacity by 2030.’
