Huge Scarborough solar panel farm secures £20m funding package as work progresses
Funding of £20m has been agreed for a huge new solar panel farm on the outskirts of Scarborough.
Planning permission was granted in 2022 for Eastgate Solar Farm, which covers the equivalent of 50 football pitches on undeveloped land off Stoney Haggs Road, Seamer.
The site will ultimately have 62,500 solar panels and will provide energy to The Co-operative Group’s food stores, distribution centres and funeral care homes as part of its operation. Renewable energy company Voltalia UK has announced it has raised £18.9m of new loan funding from Triodos Bank UK, with an additional debt service reserve facility taking the total value to £20m.
Construction is underway, and the plant is scheduled for commissioning by the end of this year. The project has a 15-year Corporate Power Purchase Agreement with The Co-operative Group, fulfilling 7.5 per cent of the Co-op's electricity consumption within its various operations.
Yoni Ammar, deputy CEO of Voltalia, said: “This significant investment reinforces our commitment to expanding our renewable energy footprint. We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK's transition to a cleaner, more sustainable energy future.”
Triodos Bank UK, which specialises in finance for organisations with a social and environmental purpose, has three decades of experience in the renewable energy sector.
Chris Cullen, senior relationship manager at Triodos Bank UK, added: “We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity. The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”
Voltalia was advised by Michelmores, while Triodos Bank UK received legal counsel from CMS.