Spanish bank Santander has agreed to provide an additional £16.5 million in facilities in order to help grow Solarcentury’s business in the UK and internationally.
The London-based solar company has earmarked the facility to help meet bonding requirements for both ground- and roof-mounted installations.
Commenting on the agreement, Neil Perry, CFO of Solarcentury commented: “Last year we grew to £80 million revenue and £2.4 million 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 that Santander has chosen to work with us.
“Santander is active in the UK solar market and therefore has an excellent working knowledge of our industry. We are also looking to work with Santander as we expand overseas; especially in Latin American markets where the market for solar is starting to take off and where Santander are particularly strong.”
Joseph Goldberg, relationship director at Santander Corporate & Commercial, 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 and we look forward to supporting the growth of this great business through our UK and global expertise.”