Shawbrook Bank provided a £330k facility for green energy supplier, Olympus Power Ltd to complete one of the largest commercial solar installations in the UK, without any Feed in Tariff funding.

Olympus Power is a supplier of green energy for commercial premises, using solar panels to generate electricity for business users. Aiming to reduce fossil fuel consumption and boost eco-friendly services, the business started trading in 2015 and has arranged the installation of solar arrays on a wide range of commercial properties across the UK during this time. Olympus Power is part of the Devon Power Group.

Earlier in 2019, Olympus Power wanted to expand its portfolio with a solar panel installation at a manufacturing premises and required a flexible package that catered for the recent changes to the Feed in Tariff incentive. Shawbrook Bank had previously provided funding for a refinance and a partner buy-out and were approached to deliver the renewables finance solution.

The £330k fixed term loan provided by Shawbrook supported Olympus in the completion of the project, allowing for a 535kw system to be installed at the premises in August 2019.

 

Simon Nicholls, Director at Olympus Power Ltd, says:

“The end of the Feed in Tariff  incentive earlier this year has  meant that green energy  providers like us need more flexibility when considering  funding. Right from when we first spoke to Charlotte and the  team at Shawbrook, they  understood this complexity and knew the sector well. The team worked with us to review the  whole business, rather than  simply looking at the one  transaction, and as a result, we installed another green energy  project and concluded what is  probably one of the largest  commercial arrangements  without any FIT contribution.”

Charlotte Davies, Head of Renewable Energy & Agriculture at Shawbrook Bank, says:

“One of the best parts of my  role is having the opportunity  to look at a more complex  enquiry and turning it on its  head to identify a solution that delivers! We were aware of the current industry changes and  knew Olympus from recent  transactions, so we took a  holistic view of the business to  arrange a solution that  provided the flexibility Simon  and the team needed.”