A new finance brokerage which promises to provide specialist funding for renewable energy and energy efficiency projects for businesses across the UK has been launched.
ReEnergise Energy is believed to be the first dedicated finance brokerage for green projects in the UK. By helping champion and finance green measures, the brokerage hopes to help the UK catch up with other European countries that are performing far better in terms of commercial energy efficiency.
Initially, the brokerage will be offering finance packages from £75,000 right up to £5 million, for all renewable technology projects including, solar, biomass, wind, energy efficiency measures and others.
Adam Hewson, Director, ReEnergise Finance, said: “The single biggest problem affecting the UK’s growing renewable energy and microgeneration sector is access to finance.
“In an environment where banks are restricted and reluctant to lend against what is perceived as new technology, there is increasingly a need for a specialist intermediary, in particular for commercial projects under the £10 million mark. In reality, finance is available in the UK for renewable energy; the trick is finding it and working with a partner that will get you the right deal. Government schemes are available but you have to have already invested in energy efficient equipment to qualify. We’re offering businesses the chance to do that, which we see as the final piece in the energy puzzle.”
Shigeki Komatsu, Director of the Solar Business Division at SANYO Panasonic Europe, a partner of ReEnergise Finance, recognises this issue and adds: “Access to finance is key in this market and we need companies like ReEnergise to help unlock the latent potential of microgeneration in the UK.”
The brokerage’s finance packages are available to all UK-based public and private sector companies and have been designed to suit a range of different clean technologies, available through unsecured asset finance, secured commercial loans and as individual project finance.
Hewson continued: “What is apparent is that different technologies require different forms of finance with different terms. For example, a 25-year solar project with access to the FiT, will have a completely different financing structure to a 10-year biomass project with access to the Renewable Heat Incentive (RHI).
“We have expertise in technical solutions, in depth knowledge of installation and project management and we understand how to build a finance deal around those things. We’re targeting businesses that have been considering an energy efficiency solution but have been hampered by finding appropriate finance and independent advice.”
ReEnergise Finance also plans on becoming a Green Deal finance provider as well as launching its own domestic finance offer later this year.