Egg Power secures $536m in funding for European renewable projects

Egg Power has obtained up to £400m ($536m) successful indebtedness financing from NatWest Group to expedite the improvement of large-scale renewable vigor projects passim Europe.

The institution operates arsenic the cleanable vigor infrastructure concern limb of Liberty Global.

Through this financing, ovum Power aims to grow its portfolio successful effect to expanding request from telecoms operators and integer infrastructure providers.

The institution targets scalable infrastructure supporting sectors experiencing maturation from AI adoption and expanding information usage.

In this fiscal arrangement, NatWest Group is serving arsenic the sole underwriter, structuring bank, mandated pb arranger, hedging bank, installation cause and information trustee.

The flexible operation financing installation volition initially enactment astir 250MW of star and upwind farms nether operation oregon improvement successful the UK. The full backing is acceptable to backmost projects totalling up to 500MW crossed the UK and Europe.

Egg Power stated that its projects see section ecological improvements similar planting autochthonal grasslands and wildflower meadows, arsenic good arsenic reinforcing hedgerows. Additionally, the projects volition make jobs during operation and cognition phases, procure from section suppliers and found situation strips on-site.

On completion, the archetypal projects successful the UK are expected to proviso astir 420 gigawatt-hours of energy annually, capable to powerfulness 120,000 homes. The assets are supported by semipermanent powerfulness acquisition agreements (PPAs) with creditworthy buyers, ensuring unchangeable currency flows for non-recourse debt.

At present, operation is nether mode astatine 3 UK star sites, Rainsbrook, Rag Lane, and Grange, with enactment being carried retired by planetary engineering, procurement and operation contractors. The afloat portfolio is scheduled to go operational betwixt the 2nd 4th of 2026 (Q22026) and Q1 2027.

Liberty Global ovum Power caput Ilesh Patel said: “This financing is the culmination of 12 months of enactment and marks a important milestone for ovum Power. Partnering with NatWest reinforces our committedness to delivering vigor security, outgo ratio and sustainability for the telecoms and integer infrastructure sectors and different energy-intensive industries.

“The statement marks a important measurement towards ovum Power’s extremity of delivering 1.5GW of cleanable vigor capableness by 2028 nether semipermanent PPAs.

“With Liberty Global’s backing and NatWest’s support, ovum Power is well-positioned to go 1 of Europe’s astir powerfully supported renewable vigor platforms.”

Last month, ovum Power acquired task rights to the Grange star workplace successful Suffolk from Padero Solaer Renewables, its 3rd large UK star project.