RBS International has supported the UK’s largest listed renewable energy fund, Greencoat UK Wind Plc, by successfully co-ordinating the increase and extension of its revolving credit facility to £600 million, and transition to SONIA, providing funding for its robust investment pipeline.
The facility, which will be used to support a strong pipeline of UK offshore and onshore wind farms, will be supported by RBS International and three additional lenders. RBS International has taken a £150 million hold, demonstrating NatWest Group’s pledge of £100bn Climate and Sustainable Funding and Financing by the end of 2025.
Greencoat UK Wind Plc was the first renewable infrastructure fund to list on the LSE main market and is the only renewable infrastructure fund domiciled in the UK. It has a portfolio comprised of 40 operating wind farms, with a Gross Asset Value of over £3.5 billion, which generate sufficient electricity to power 1.3 million homes and reduce carbon dioxide emissions by approximately 1.6 million tonnes per year.
Brad Mitchell, Director of Institutional Banking at RBS International, commented: “We are pleased to be supporting Greencoat UK Wind Plc and the excellent work they are doing to reduce carbon emissions in the UK and transition to renewable energy, allowing us to grow our objective of supporting positive investments for the climate.
“The £150 million hold is testament to Greencoat UK Wind Plc’s continued strong performance, and demonstrates the Bank’s commitment to tackling climate change and sponsorship of COP 26”.
Laurence Fumagalli at Greencoat UK Wind Plc, added: “An increased facility was sought in order to boost funding capacity to allow us to capitalise on a strong pipeline of opportunities in the UK wind farm market. We are extremely grateful for the support of RBS International in co-ordinating the increase and extension in just six-weeks.”
Bradley Davidson, ESG Lead at RBS International, commented: “COP26 has highlighted the need for private finance to accelerate the transition to a low carbon economy. I’m pleased to see RBS International continuing to allocate capital where it’s needed most as we support our customers, such as Greencoat UK Wind PLc, to deliver environmental change across communities.”
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