Low Carbon to develop three solar farms in the UK through financing secured from NatWest, Lloyds Bank and AIB. Image: Low Carbon.

Global renewable company Low Carbon is set to develop a combined solar capacity of over 75MW across three sites after securing financing from NatWest, Lloyds Bank and AIB.

The three solar farms will be situated in Essex, Derbyshire and Buckinghamshire and will support the company’s aim of developing 1GW of solar capacity across the UK and the Netherlands. These projects will be the first to gain funding using the firm’s multi-bank financing facility.

Low Carbon confirmed a £230 million financing facility had closed in August with the support of NatWest Lloyds Bank and AIB. 

In Buckinghamshire, Low Carbon will construct the first of its three solar projects with this dubbed the Fox Covert Solar Farm. The project has an intended capacity of 23.4MW and will provide energy directly to the local distribution network.

The company will work on both the Inkersall Road Solar Farm in Derbyshire, with a capacity of 28.8MW, and the St Clere Solar Farm in Essex, with a capacity of 23MW, in early 2023. These will support the integration of solar generated renewable energy into the UK energy grid and promote the decarbonisation of the UK.

“Climate change is a shared global challenge, in which the energy sector plays a major part. Amidst soaring energy prices, the rapid creation of new renewable energy capacity is essential to many UK homes and businesses. We are therefore delighted to be announcing the first three of many UK-based projects financed with the help of NatWest, Lloyds Bank and AIB,” said Roy Bedlow, chief executive and founder at Low Carbon.

“Only by accelerating the rollout of clean, affordable energy can we fully decarbonise and achieve our shared climate goals. Today’s announcement also marks an important step towards Low Carbon’s own strategic targets of net zero and 20GW of new renewable energy capacity by 2030.”

Its partnership with the US insurance giant, MassMutual, has allowed Low Carbon to set its sights on creating 20GW of new renewable energy capacity by 2030.

Low Carbon launched the second consultation for its 500MW Gate Burton solar and energy storage park in Lincolnshire in June 2022. It is one of two solar farms that will benefit from capacity availability at this substation, due to the closure of EDF’s coal-fired Cottam Power Station in 2019. The other is a 600MW solar project being eyed by Island Green Power.