Kyotherm secures GBP 14m in project finance for UK green heat projects
May 26 (Renewables Now) – French renewable heating investment company Kyotherm SAS received £ 14m (US $ 19.8m / EUR 16.2m) of long-term project financing from Virgin Money UK PLC Announced Monday.
The loan is for the Kyotherm subsidiary Geothermal Leasing Ltd, which has a portfolio of 20 geothermal heat pump projects in Great Britain with a total output of 27 MW. The end users are mainly active in the fields of agriculture, food and care.
This is the third loan that Bank Kyotherm has granted since 2019. The French company, which specializes in third party financing of renewable heat generation projects, has so far deployed over £ 120m in 110 MW renewable heat and energy efficiency projects around the world and plans to grow its portfolio to 750 MW by 2035 expand.
The loan also brings Virgin Money closer to its goal of reducing its loan book’s carbon dioxide (CO2) impact by 50% by 2030.
“Kyotherm’s mission is to accelerate the decarbonisation of the heating sector by providing competitive funding for specific projects in the fields of biomass, geothermal, solar, district heating, waste heat and energy efficiency. We are grateful that this fruitful relationship is now with Clydesdale Bank insists With Virgin Money we can provide clean and affordable heat to commercial and industrial heat consumers in the UK, “said Thibault Chevallier, CFO of Kyotherm.
(GBP 1.0 = USD 1.416 / EUR 1.155)