GE Capital has agreed a £20m ($32m) financing deal with free solar panel installer A Shade Greener Ltd.
London 07 September 2011: GE Capital has agreed a £20m ($32m) financing deal with free solar panel installer, A Shade Greener Ltd, helping the entrepreneurial Yorkshire based start-up company install 3.3kWp Solar Photovoltaic (PV) systems on an additional 2,000 homes, as it continues to expand its operations across the local regions.
The credit line facility will help A Shade Greener expand its portfolio to 4,400 solar installations in the Yorkshire, Nottinghamshire, Lincolnshire and Derbyshire regions. The facility is secured against revenue generated from the Feed in Tariff (FIT) scheme.
"We are fast expanding into the green sector, demonstrating the increasing breadth of our UK activities. The deal with A Shade Greener also demonstrates our commitment to fostering growth and our distinct ability to arrange large-scale, highly structured and innovative asset financing solutions," said David Rendell, Managing Director of Green Financing at GE Capital EMEA.
"From the outset GE Capital has dedicated a tremendous amount of time and expertise into developing a tailored solution for our company. GE Capital's team knew as much about solar panels and the industry as we did, and they genuinely understood our business model which centres upon obtaining total customer gratification," said Stewart Davies, CEO and founder of A Shade Greener.
Through the utilisation of the UK Government's FIT scheme, A Shade Greener is able to offer its customers free solar panels, free installations and free usage of all electricity produced by the Solar PV system. In return, A Shade Greener effectively holds a lease of the roof space so that it can benefit from the FIT scheme, which currently pays a generation tariff of 43.3p per kilowatt hour.
Zoe Chambers
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