Up to £75m secured for rooftop solar energy developer

PKF Francis Clark’s specialist energy and infrastructure team has helped Olympus Power to secure up to £75m of funding to install hundreds of commercial rooftop solar arrays across the UK.

The financing framework arranged with Thrive Renewables will enable South West-based Olympus Power to help businesses cut their carbon emissions and benefit from lower-cost fixed price electricity.

Richard Harris, Corporate Finance Director at PKF Francis Clark, said: “This is a landmark deal in subsidy-free rooftop solar where Olympus Power’s business model allows corporates to maximise the benefit of on-site generation.

“This deal reflects the growing appetite we are seeing from renewable energy investors to fund renewable energy projects in the post-subsidy era. We received a significant number of expressions of interest and offers of investment before selecting Thrive Renewables as the right partner to help our client achieve its ambitions.

“The UK’s renewable energy sector has demonstrated its ability to generate positive returns for investors, developers and customers without government subsidy, and we are always pleased to once again play our part as a leading financial advisor in the transition to a net-zero carbon economy.”

Olympus Power has delivered over 1,100 commercial solar projects and currently runs a portfolio of 36 sites. The company is now seeking businesses that want to switch to solar power and have suitable roof space or adjoining land for fully funded solar panel installations, as it builds out its pipeline of projects with committed capital of up to £75m.

Managing director Simon Nicholls said: “We’re ready to start delivering these installations and they’re a key part of creating a cleaner, less wasteful way of generating power. On-site, small-scale power is the future: we’ve already committed to over 100MW of projects and there are more to come.”

He added: “PKF Francis Clark were a pleasure to work with; super-responsive and handled the debt raise with alacrity. They were able to present the transaction to 24 lenders, from which we received 14 offers before deciding to go with Thrive as a very natural partner for us.”

Thrive Renewables is a Bristol-based renewable energy investment company that has been building and operating energy projects in the UK for 25 years, with backing from a community of over 6,000 investors.

This deal reflects the growing appetite we are seeing from renewable energy investors to fund renewable energy projects in the post-subsidy era

Matthew Clayton, managing director at Thrive Renewables, said: “Thrive is very pleased to provide funding to enable businesses to reduce their energy costs and carbon footprint using on-site solar power.

“By installing solar PV off balance sheet and providing a long term zero carbon power supply contract, we can help businesses transition to cleaner operations and potentially take significant steps on their journey to net zero.”

Richard Harris, Ed Marffy and Andy Thornhill in PKF Francis Clark’s corporate finance team advised Olympus Power on the £75m fundraising.

Over the past 12 months, PKF Francis Clark has successfully acted for developers and investors in onshore wind, solar, battery storage, anaerobic digestion, geothermal and hydroelectric power deals, helping to secure over £500m of investment for renewable energy projects across the UK.

To find out more about our award-winning team, click here.