Dublin-based clean energy company UrbanVolt has raised €36m from lenders and investors to expand solar panel installations across Ireland and the UK.
The money includes a €30 million asset-backed seven-year loan from Swedish debt fund PCP and €6 million from existing partners BVP, an Irish impact investment fund, and US investor Beach Point Capital.
The company installs LED lights and solar panels in the factories and warehouses of large companies, bears the costs and shares the resulting energy savings with the companies through long-term contracts.
UrbanVolt is funding the entire cost of purchasing and installing the solar panels, with the new loan expected to “significantly increase” the number of installations that can be completed over the next two years, it said in a statement Tuesday.
“This is a transformational agreement that will allow us to scale rapidly to meet significant market demand while streamlining the process of installing solar panels for the benefit of our customers,” said co-founder and CEO Kevin Maughan.
“With this first funding facility from PCP, our project output increases by 20 [times] in the coming years. This also happens at a time when the demand for renewable energy is increasing significantly in the face of climatic and geopolitical crises.”
PCP chief executive Henrik Bjerklin said his company is “proud to be working with a team of passionate entrepreneurs who are driving the transition to more sustainable energy use”.
Founded in 2015, UrbanVolt branched into solar just last year after raising €7 million from investors including Ireland Strategic Investment Fund (ISIF) and former Green Reit co-founder Stephen Vernon.
It sells the solar power generated by its panels to companies at a price up to 30 percent below the price charged by traditional electricity suppliers.
Since starting its solar business, UrbanVolt has signed deals with over 60 companies and has completed seven installations to date.
The energy generated from the agreed contracts corresponds to the power failure of 4,000 households.
UrbanVolt operates in Ireland, the UK, the US and eight European markets and counts the brewing company Heineken and the pharmaceutical company Pfizer among its customers.