In 2016 Triodos Bank invested in 70 deals across Europe totalling $567 million (USD), putting it top of Clean Energy Pipeline’s annual Global League Tables.
These investments included the provision of £3 million (GBP) in project finance to Danish Better Energy for a UK ground-mounted solar farm in Creswell, Derbyshire.
Located on the site of a former colliery, the 19,206 panel, 11.8 hectare Creswell Solar Farm project is expected to produce 4,974,000 kWh a year – enough to power 1800 homes. It is the first time since the closure of the underground coal mine in the 1990s that the location will again be used to produce energy – only this time it will be clean, renewable solar energy. The project was successfully commissioned prior to 31 March 2016, meaning that it will qualify for 1.3 ROCs for every MWH produced, and will receive revenue through the ROC (Renewable Obligations Certificates) subsidy scheme and through power sold under a PPA (Power Purchase Agreement) contract. Better Energy funded the project with Equity and Climate Bonds in addition to the Triodos Bank loan.
Phil Bazin, Energy Sector Lead, Triodos Bank UK, said: “It is obviously a great position to be in and really demonstrates the hard work being put in by ourselves and our European colleagues. Perhaps the most important point is that it is our flexibility that has had an integral role to play. We are prepared to look at funding projects of different sizes, including smaller one that many other banks and debt funds are not prepared to look at. This has really made a difference, as has our relationship-driven ethos which has helped us retain scores of repeat customers.”
“2016 also saw us expanding into new territories, including Costa Rica, Guatemala and Georgia, and new sectors such as heat pumps and ATES systems. This culture of innovation has really helped us to challenge ourselves and seek out the new markets and new ideas that will enable us to continue expanding our customer base.”
Clean Energy Pipeline is an online daily news and data service. The complete tables can be downloaded here