Irish solar-as-a-service company UrbanVolt has secured a €40m multi-currency debt facility from HSBC Innovation Banking UK and HSBC Asset Management.
The Dublin-based firm has now secured over €230m to date, and the latest debt facility will be used to fund its continued growth and to accelerate the delivery of commercial and industrial projects in Ireland and the UK.
UrbanVolt helps customers to make a cost-effective transition to clean energy, and its clients include Heineken, Blanchardstown Shopping Centre, multinational manufacturer Flextronics, and global supply chain solution provider Syncreon.
Its business model involves designing, financing, installing, and maintaining solar panels for customers, enabling the customer to buy solar-generated electricity at a potentially lower cost than utility rates.
The company announced a €26m equity investment from leading European specialist growth investor Verdane in 2023, and appointed former Centrica Business Solutions managing director Justin Jacober as CEO last August.
“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," said Jacober.
“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.”
Conor Sheehy, head of warehouse finance at HSBC Innovation Banking UK, said: “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.
"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.”
UrbanVolt was founded in 2015 and becomes Ireland's first certified B Corp three years later.
The company, which also has a London office, was named European Startup of the Year at the Startup Europe Awards and Service Exporter of the Year in 2023.
Photo: (l-r) Justin Jacober, CEO, UrbanVolt, and Conor Sheehy, head of warehouse finance, HSBC Innovation Banking UK. (Pic: Supplied)
