The Dublin firm, which operates a ‘solar as a service’ business model for commercial and industrial clients, says it will use the money to expand in Ireland and the UK
Justin Jacober, CEO, UrbanVolt; and Conor Sheehy, head of warehouse finance, HSBC Innovation Banking UK
The Dublin-based solar energy company UrbanVolt has agreed a new €40m debt facility from HSBC. It brings the total raised in debt and equity by the company to €230m.
UrbanVolt says it will use the money to expand its services to commercial and industrial customers in Ireland and Britain.
The company, founded in 2015 by Kevin Maughan, Declan Barrett and Graham Deane, has offices in Dublin and London and counts Heineken, the Blanchardstown Shopping Centre, and multinational manufacturer Flextronics as customers.
Its ‘solar as a service’ proposition involves designing, financing, installing and maintaining solar panels for customers who want a managed electricity utility option instead of taking ownership of it themselves. Its debt equity allows the firm to provide electricity at a fixed-term rate without exposing clients to interest rate hikes. UrbanVolt locks in its electricity rate for up to 30 years for customers.
UrbanVolt has signed agreements with more than 150 businesses in Ireland and the UK.
In 2023, it announced a €26m equity investment from the Norwegian specialist growth investor, Verdane. Last August, it appointed Justin Jacober, the former managing director of UK-based energy company Centrica Business Solutions, as its new CEO.
“This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt’s growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK,” Mr Jacober said.
“In an unpredictable global economic climate, this funding reinforces UrbanVolt’s position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy.”
The company became Ireland’s first certified B Corp in 2018.
“We are delighted to support UrbanVolt on their next chapter of growth, as they look to accelerate the delivery of commercial and industrial projects in Ireland and the UK,” said Conor Sheehy, head of warehouse finance at HSBC Innovation Banking UK.
“This financing is an example of collaboration between HSBC Innovation Banking and HSBC’s Asset Management team, bringing together our expertise to provide bespoke support and deliver tailored financing solutions for our clients.”
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