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Renewable energy developer Hive Energy has secured a new £19 million export finance package from Santander, supported by UK Export Finance.
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Hive Energy develops solar power, battery storage and green hydrogen projects around the world and is using the capital to support an array of new and ongoing projects in Turkey, Serbia and other countries.
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Founded in 2010, the Romsey business has already established projects in 17 countries.
UK Export Finance (UKEF) has helped Hampshire renewable energy developer Hive Energy secure a £19 million bank guarantee facility to fuel its international growth. The new guarantee facility will allow the business to deliver new and existing renewable energy projects with an immediate focus on Turkey and Serbia.
Hive Energy develops renewable energy projects, such as the large solar parks seen across the UK and Europe, from greenfield through to operation, acquiring suitable sites, securing access to grid networks, achieving planning permissions and securing finance to build the infrastructure. The firm has operated for over thirteen years and has grown from its headquarters in Romsey to developing projects in 17 countries.
The guarantee will allow Hive Energy to fund ongoing projects in Turkey - where it has already developed 11MWs of photovoltaic power generation plants- and extend into new markets such as Serbia.
In recent years, the firm has also begun to develop new facilities to produce green hydrogen and green ammonia, with flagship projects in South Africa, Spain and Chile.
This announcement signals the availability of government support for small and medium-sized exporters in the renewable energy sector.
Roy Naismith, Chief Financial Officer of Hive Energy, said:
This support from UKEF and Santander has allowed an acceleration in our drive to increase global production of renewable energy. We now have additional financial capacity to ramp-up activity in Turkey, Serbia and other territories helping us to deliver clean energy more quickly and more widely in our mission to reduce global carbon emissions.
UKEF, the UK's export credit agency, supported Santander with a guarantee from its General Export Facility scheme. This product has helped UK firms - mostly small and medium enterprises - to access over £325 million in working capital since its launch in 2020.
Richard Armstrong, UKEF Export Finance Manager for Hampshire and Isle of Wight, said:
Government-backed export finance can be a valuable tool for firms looking to do more in the renewable energy sector. I take great pleasure in our commitment to backing Hive Energy as it pursues its aim of reducing the energy sector's carbon impact and secures more overseas contracts.
Tee Cato, Senior Director, Trade and Supplier Finance of Santander, said:
We're pleased to have provided Hive Energy with a guarantee facility of £19 million to support their performance bond requirements, both directly in the UK and through our partners across the globe, where Hive is looking to grow its business. We look forward to continuing working together.
