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UrbanVolt is borrowing €30 million to fund further expansion in Ireland and the European Union, bringing the total cash that the green energy supplier has raised this year to €66 million.

UrbanVolt finances and installs solar panels for industries, selling the electricity generated to them at discounts of up to 50 per cent on the prices charged by conventional power suppliers.

The company said on Friday it was borrowing €30 million from Dublin- and Zurich-based Solas, which specialises in backing sustainable energy projects and funding the transition to a carbon-neutral society.

UrbanVolt will use the cash to finance the fit out of solar panels and energy efficient lighting for its commercial and industrial customers in Ireland and the EU.

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