A renewable energy developer from Romsey has secured millions in funding to help it deliver new overseas projects.
Thanks to a bank guarantee from Santander, Hive Energy has secured a £19 million export finance package supported by UK Export Finance (UKEF) and will use this fund to bolster a series of new and ongoing projects in Turkey, Serbia, and other countries.
Boasting a portfolio of solar power, battery storage, and green hydrogen projects worldwide, Hive Energy will bring the capital to enhance the development and delivery of such projects.
The new finance will allow an immediate focus on energy endeavours in Turkey and Serbia.
The company's history, stretching back over a decade, includes renewable projects in 17 countries.
Hive Energy leads the process from inception to operation, including acquiring suitable sites, achieving planning permissions, and securing the necessary finance to construct the infrastructure.
The sizeable financial package will fund ongoing projects in Turkey, where Hive Energy has an impressive track record of developing 11MWs of photovoltaic power generation plants. Additionally, it will provide the means to infiltrate new markets, such as Serbia.
In more recent years, Hive Energy has diversified into areas such as green hydrogen and green ammonia production, with flagship projects in South Africa, Spain and Chile.
Roy Naismith, chief financial officer of Hive Energy, said: "This support from UKEF and Santander has allowed an acceleration in our drive to increase global production of renewable energy.
"We now have additional financial capacity to ramp-up activity in Turkey, Serbia and other territories helping us to deliver clean energy more quickly and more widely in our mission to reduce global carbon emissions."
Richard Armstrong, UKEF export finance manager for Hampshire and Isle of Wight, said: "Government-backed export finance can be a valuable tool for firms looking to do more in the renewable energy sector.
"I take great pleasure in our commitment to backing Hive Energy as it pursues its aim of reducing the energy sector’s carbon impact and secures more overseas contracts."
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