Grid Essence Holdings Ltd. completes GBP 77 million financing with Deutsche Bank AG
Grid Essence Holdings Ltd. and its wholly-owned subsidiary Grid Essence UK Ltd (“Grid Essence”) today have announced that the company has entered into a £77 million financing facility with Deutsche Bank AG to build solar projects (the “Facility”) in the United Kingdom.
The Facility will be utilized by Grid Essence to acquire and build up to an aggregate of 60 MW of fully permitted solar projects in the south of England under the Renewable Obligation Certificates (“ROC”) regime issued by the UK Department for Energy and Climate Change (the “Projects”). Construction of the Projects is anticipated to start immediately, with the majority of projects to be connected to the power grid by the end of March, 2014. Upon completion, these solar power plants will generate 58 GWh of electricity every year covered by strong performance guarantees for the life of the solar plants. The Facility is available to Grid Essence until September, 2014 at which time Grid Essence intends to replace the facility by a long term project finance loan.
Steve Bourbonnais, the Co-Founder & Chief Executive Officer of Grid Essence, commented that "We are honored to have Deutsche Bank as our financing partner in this critical construction phase. This facility represents a key milestone that enables Grid Essence to realize its UK 1.6 ROC and 1.4 ROC Projects. Once connected to the grid, these solar power plants will put us on course to reach our operating megawatt targets for 2014 and positions Grid Essence to deliver sustainable growth for our shareholders”.