- A £14M debt financing secured with Virgin Money
- A portfolio of 20 geothermal projects across England and Scotland
Paris, May 26, 2021 – Kyotherm secured a £14m debt financing for its UK subsidiary, Geothermal Leasing Limited (‘GLL’). GLL owns and operates a portfolio of 20 ground source heat pump projects across England and Scotland.
700 GWH OF RENEWABLE HEAT OVER THE NEXT 20 YEARS
Once complete, the portfolio capacity will be 27 MW, and it will deliver over 700 GWh of renewable heat over the next 20 years. The energy users mainly operate in the agricultural, agri-food, and care sectors. As a result of these projects, they will benefit from sustainable, reliable and affordable heat.
With 53 MW installed, the UK now accounts for almost half of Kyotherm’s portfolio. In total, Kyotherm has deployed over £120m, totaling 110 MW of renewable heat and energy efficiency projects throughout the world. Kyotherm’s aim is to build over 750 MW by 2025.
A STRONG PARTNERSHIP BETWEEN VIRGIN MONEY AND KYOTHERM
This is the first loan of this scale that Virgin Money has done for ground source heat pumps. It represents a further step in its commitment to halving the carbon impact of its loan book by 2030. This transaction was in particular made possible by the Kyotherm’s strong relationship with Virgin Money. It is indeed the third transaction closed between the two companies since 2019.
Thibault Chevallier, CFO and Investment Director at Kyotherm, commented: “This agreement reinforces our presence in the UK and highlights the strong relationship between Virgin Money and Kyotherm. Decarbonising heat production is a priority for the UK as part of its net zero strategy. We are proud to contribute to this ambition, with tailored and competitive financing, whatever the technology: biomass, geothermal energy, waste heat recovery, etc.”
More details on Kyotherm’s renewable heat infrastructure funding offer