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Ecotricity announces funding programme with Aviva Investors

Deal expected to provide enough financing to increase Ecotricity’s total generation to 100MW within 18 months.

Ecotricity has announced a £70 million refinancing deal for its green energy portfolio from leading British institutional investor Aviva Investors. The innovative refinancing deal includes 60MW of operational wind and solar parks across 19 sites, including Ecotricity’s earliest project dating back to 1996

Dale Vince, Ecotricity founder, said the £70 million deal will help the green energy firm accelerate its development pipeline of new renewable energy projects across Britain. He also  said the deal would provide enough money to increase Ecotricity’s total generation to 100MW within 18 months.

"We are pleased to be working with Aviva Investors, a leading British institutional investor, on this innovative financing deal,” Vince said. “This investment from Aviva is an evolution of that Ecotricity model – freeing up value from our own windmills – in effect where turning ‘mills into mills’.”

Elizabeth Lutley, who works with the infrastructure team at Aviva Investors, said the company is "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.”

TLT, which served as Ecotricity's advisor on the deal, said the agreement deal marks an exciting time for Ecotricity and the wider UK renewables industry. "Yes, it was complex -- due to the number of sites and the fact that Ecotricity’s assets go back for a number of years -- but working closely with our long-standing client and a number of third parties, we were able to give expert commercial advice at every step of the way,' said TLTs Maria Connolly. "From preparing certificates of title, answering due diligence queries on all 17 sites, to advising on the release of the financing arrangements and introducing new facilities.”

Ecotricity already has planning consent for 20MW of wind and solar spread across six sites, which they had already started building.

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Energy efficiency  •  Energy infrastructure  •  Policy, investment and markets  •  Solar electricity  •  Wind power