Triodos Bank, a leading European sustainable bank that completed the highest number of deals over 2015, stands at the top of Clean Energy Pipeline’s ‘Renewables Infrastructure Investment in Europe 2016’ report.
With 57 clean energy loans, the Dutch bank with branches in the UK, Belgium, Spain and Germany finished ahead of Banco Santander in second, and Natixis in third.
Total lending has reached $323 million across Europe, positioning Triodos Bank as the leading lender for small to medium sized renewable energy projects seeking financing greater than £2million.
Philip Bazin, Environment Team Leader at Triodos Bank UK said: “The Clean Energy Pipeline investment report reflects a significant year for Triodos Bank where we have expanded our breadth of the clean energy market, and we are looking to grow our portfolio of lending to medium sized organisations seeking finance and have expanded our team to meet the demands of a growing sector.”
Highlights for the expanding UK team included funding its largest ground mounted solar project to date for Danish investor Nordic Solar and financing its first ground source heat pump installations.
Triodos Bank UK also arranged lending facilities totalling more than £19 million to community renewable projects. This takes the bank’s lending commitments to the community renewables sector to 11 different projects, making it one of its largest lending areas in the UK in the past three years.
Philip added: “2016 was a fantastic year for community renewable lending. As the sector, funding and regulation has changed in the past year – we have adapted our service model to be more innovative in meeting the unique needs of our clients.”
Among these lending projects was the debt financing of the 4.2MWp community solar farm at Braydon Manor near Swindon. The project launched by Wiltshire Wildlife Community Energy, and initially developed by Public Power Solutions with the help of Mongoose Energy was the UK’s first split community-commercial solar farm.
Philip comments: “We funded this pioneering and award winning project where we financed a community interest company as well as a shared grid connection. We have been able to demonstrate our commitment to thinking through problems with our customers in ways which other funders are probably not prepared to do.”
It has been a growing partnership with community energy leader Mongoose Energy, and Triodos Bank has provided financing of seven different projects.
“Mongoose is a perfect partner for Triodos as they combine professionalism and expertise with a real passion for the social and ethical goals that drive Triodos’ business” Philip concluded.
Among the year’s highlight’s, Triodos Bank has successfully leant to a number of high-impact community projects including projects for Bristol Energy Cooperative, Galson Trust, Berwickshire Community Renewables LLP and with the help of Triodos Corporate Finance raised £2.75m of equity for Chelwood Energy Limited in Somerset.
Triodos Bank entered the renewables market in the mid-1980’s with a focus on wind energy and has since broadened its focus across the wider renewable and environmental sectors.
As their sector experience and commitment has expand, the bank has invested in growing the UK renewables sector team to meet the growing demand.
New to the team is Stirling Habbitts, who will lead the team’s project finance activity in the London market. Stirling is based out of Triodos Bank’s London office, located on 5 Old Bailey, EC4M 7BA, and joins the bank from Unicredit, where he specialised in Infrastructure and Power Project Finance. Stirling began working at Triodos Bank in August 2016.
Also joining the team is Chris Cullen as Assistant Relationship Manager, supporting the wider Environment Team. Chris joins the team from Eunomia Research Consulting.