Ecotricity has announced a £70m refinancing deal for its green energy portfolio from British institutional investor Aviva Investors.
The innovative refinancing scheme includes 60MW of operational wind and solar parks across 19 sites, including Ecotricity’s earliest project dating back to 1996.
Ecotricity founder Dale Vince said the deal would not only help the green energy firm accelerate its development pipeline of new renewable energy projects across Britain, but also represented an evolution in Ecotricity’s business model.
“Harnessing our customers’ bills and turning them into windmills got Ecotricity to where it is today; that ‘bills into mills’ model has worked well for us over the last 20 years. This investment from Aviva is an evolution of that Ecotricity model – freeing up value from our own windmills – in effect we’re turning ‘mills into mills’,” said Mr Vince.
He said the deal would provide enough money to increase Ecotricity’s total generation to 100MW within 18 months.