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UrbanVolt Features in Irish Times | Tuesday 17th May 2022 | Link to original article here

‘Transformational’ loan will allow green energy supplier meet fast-growing demand

Green energy supplier Urbanvolt is borrowing €36 million to fund further expansion in Ireland and Britain.

Urbanvolt finances and installs solar panels for industries, selling the electricity generated to them at a 30 per cent discount to traditional power suppliers.

The company said on Tuesday that it was raising a €30 million, seven-year loan from Swedish fund, PCP and borrowing €6 million from existing backers BVP and Beach Point Capital.

Urbanvolt will use the cash to fund the installation of solar panels and related equipment in commercial and industrial premises in the Republic and the UK.

Kevin Maughan, co-founder and chief executive, predicted that the “transformational” deal would allow Urbanvolt to grow at a pace allowing it meet significant demand.

“This first funding facility from PCP will see our project output grow by 20 times over the coming years,” he said. “It is also happening at a time when the demand for renewable energy is rising significantly given climate and geopolitical crises.”

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