Santander fuels Solarcentury growth
£16.5m facility agreed, PV outfit targets expansion in UK and internationally
Solarcentury has clinched a £16.5m facility from Santander Corporate & Commercial to fund grow in the UK and internationally.
The company said it was delighted to work with Santander as the institution is active in the UK solar market but also strong in Latin America.
The cash will be “primarily used to meet bonding requirements for solar farms and rooftop projects”, according to Solarcentury.
Chief financial officer Neil Perry said: “Last year we grew to £80m revenue and £2.4m EBITDA and expect both revenue and profitability to increase again in the current period.
“To fuel this growth, we were seeking an additional banking partner and we are delighted Santander has chosen to work with us.”
Santander Corporate & Commercial relationship director Joseph Goldberg added: “Solarcentury is a leading company in the UK solar market with an experienced management team, a strong balance sheet and no debt. It is well positioned for continued expansion in this key growth sector.”
Image: the company is drawing a bead on markets in regions including Latin America (Solarcentury)