OnPath Energy eyes leading market role after £120 million deal

A green power operator says it has taken another step to becoming “the UK’s leading land-based renewable energy developer” after securing £120 million support.

OnPath Energy has agreed a multi-partner credit facility deal.

Bosses say it will “accelerate project development plans across the UK”.

The firm, headquartered in Houghton-le-Spring, has five consented onshore wind and solar energy schemes across England and Scotland in development, with numerous further sites in planning.

Officials say the business expects to “make progress on the construction of consented sites over the coming year”.

Highlighting the potential afforded by its credit facility – agreed alongside NatWest, Barclays, Norway’s DNB bank and the Canadian Imperial Bank of Commerce – Simon Fisher, chief financial officer, said: “We’re excited to be moving into this next stage of our evolution.

“We have ambitious plans to make further additional capital investment in high-quality renewable energy infrastructure, which will amplify the part we can play in a net-zero future for the UK.

“We will grow in terms of our diversity of projects and technologies, as well as geographically.”

The financial deal comes after OnPath Energy – which has further offices in Hamilton and London, was bought last year by global asset manager Brookfield, which has a development pipeline of around 200GW of renewable power assets.

Simon added: “Being part of the Brookfield portfolio has given us greater access to capital, global relationships for procurement and routes to market, all of which will have a galvanising effect on progress.

“And the new Government’s clear commitment to doing everything it can to make the UK a clean energy superpower provides the ideal context for our future development.”

Norton Rose Fulbright provided legal advice to OnPath Energy during the transaction, with Ashurst working on behalf of the lenders.

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