Anesco has signed a £7 million finance agreement with RBS to fund its solar farm projects.
Under the working capital debt finance package the Reading-based energy efficiency company will have a rolling facility whereby it can access finance as it needs up to the maximum £7 million.
Commenting on the partnership, Adrian Pike CEO of Anesco said: “In an environment where banks are readily criticised, we’ve been really impressed by the way RBS and its groups of companies have engaged with Anesco.
“RBS wanted to learn and understand our business models. They showed real knowledge of the sector and provided products that will save the company money in the short term, while providing a platform for us to grow significantly over the next five years.”
Pike added that in addition to the solar fund, RBS and Anesco are exploring the possibility of setting up other funds to allow the company to provide free biomass boilers as well as commercial solar installations.
Roland Emmans, head of South technology team, RBS CIB, said: “We’re delighted to be working with Anesco, which is a pioneering company in a fast-growing sector. It’s a firm that is really going places and we’re pleased to be able to aid its future growth with this innovative finance solution.”
Anesco recently reported that it expects to reach revenue of £100 million and an EBIT of more than £10 million months ahead of forecasts following a 400% increase in order levels.