OnPath Energy, a Durham-based renewable energy developer, has secured a new £120m credit facility to accelerate its renewable energy projects across the UK. The financing was arranged through NatWest, Barclays, DNB (Norway's largest bank), and the Canadian Imperial Bank of Commerce (CIBC).

Previously operating as Banks Renewables, the company was acquired by the Brookfield Global Transition Fund in late 2023 as part of a strategic push to become the UK's leading land-based renewable energy developer. With this new financial backing, OnPath aims to expand its wind and solar energy projects, contributing to the UK's net-zero goals.

According to Simon Fisher, Chief Financial Officer at OnPath Energy, the credit facility will enable the company to grow its portfolio, diversify its technologies, and invest in high-quality renewable energy infrastructure. The business currently has five consented onshore wind and solar projects in development across England and Scotland, with additional sites in the planning phase.

OnPath Energy's expansion is part of a broader strategy to increase the UK's energy security and provide affordable green energy while supporting a fair and inclusive transition to net zero.

Source: business-live.co.uk