(Alliance News) – EnergyPathways PLC announced on Thursday that it had entered into a £5.1 million credit facility with Global Green Asset Financing Ltd. has completed.
The Worthing, England-based low carbon energy company said the facility would be for its Marram Energy Storage Hub (MESH) infrastructure project, a large-scale clean energy storage facility. The loan will support the project in the first phase of technical planning, as a final investment decision is expected to be made by the end of 2025.
Shares in EnergyPathways closed 48% higher at 2.29 pence apiece in London on Thursday afternoon.
Global Green Asset Financing (GGAF) is a new Luxembourg-based platform for financing green projects and companies in the cleantech and renewable energy sectors.
The facility has a minimum lender commitment of £2.6m and drawdown of the loan is subject to the raising of further capital by GGAF, which is currently underway. Utilization will begin in the fourth quarter of 2024 and will be staggered in accordance with EnergyPathways’ plans for its MESH project.
Chief Executive Ben Clube said: “Adding to the GGAF investment portfolio confirms EnergyPathways as a low carbon energy transition company. The GGAF loan will enable EnergyPathways to expand its leading position in the fast-growing, multi-billion pound energy storage sector in the UK. This Transaction demonstrates the high attractiveness of EnergyPathways’ MESH project as an integrated cleantech energy infrastructure solution capable of ensuring reliable and decarbonized energy supply in the UK, as well as the potential to deliver high returns for investors over the project’s 20-year lifespan achieve.”
By Emily Parsons, Alliance News reporter
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