UrbanVolt agrees landmark deal for debt facility up to €30 million

* €66 million raised in the last 6 months to fund solar energy and lighting installations for commercial operators in Ireland & UK

UrbanVolt, the Dublin-headquartered clean energy company, has secured a €30 million funding facility from Solas Sustainable Energy Fund, an Irish investment solution for energy efficient providers. This announcement comes on the back of a €36 million debt facility announced last May, made up of a €30 million, asset-backed, seven-year loan from Swedish-based credit fund PCP and €6 million from existing funding partners, BVP and Beach Point Capital.

The funding facility from the Solas Sustainable Energy Fund will be used to fund the installation of solar panels and lighting systems on UrbanVolt’s primary target of commercial and industrial client sites in both Ireland and the EU. The funding will roll out in two phases with €15 million allocated for the first phase and an optional €15 million for phase 2.

UrbanVolt finances and installs solar panels on the rooftops of businesses and sells the solar generated electricity to those same businesses at up to 50% below prices charged by traditional electricity suppliers. UrbanVolt will also guarantee the price for up to 30 years, protecting businesses against rising energy costs for decades to come. There is no minimum amount payable and no standing charges, with customers only paying for the power they use.

Local client, building materials and hardware supplier TJ O’Mahony, which has 18 outlets around the country, has UrbanVolt’s “solar as a service” system in all its operation, and its energy efficient lighting in 13 locations. The business is saving about €325,000 a year on energy bills.

Speaking today, Kevin Maughan, co-founder and CEO of UrbanVolt (pictured left), said: “This landmark deal, coming so soon after our fundraising in May, speaks volumes about our ambition and potential in a market that is crying out for a new, sustainable way of energy provision. This deal will further accelerate our ability to scale and streamline our installation process for clients.

“It is painfully obvious that fossil fuels are no longer a realistic source of energy for commercial operators – the financial and environmental impacts are too negative in today’s volatile market. We offer unparalleled price security and clean energy you can always rely on. By incorporating an ‘as a Service’ business model, our customers only pay for the energy they use without a standing charge, and the cost of our equipment and its maintenance is kept off their balance sheet.”

Paul Kearney, co-founder and Director of Solas Capital AG, which advises the Solas Sustainable Energy Fund, added: “This is an important partnership for Solas, and we are pleased to be working with one of Ireland’s pioneering lighting and PV service providers. UrbanVolt already has a strong track-record in the market and is delivering innovative energy solutions to small and medium sized companies and corporates at a critical time of energy uncertainty. The collaboration demonstrates Solas’s strong commitment to supporting Ireland’s transition to a low carbon economy.”