When Chesterfield butcher RB Elliott & Son saw their energy costs rise by 130% in a year, they knew solar power was key to mitigating the impact. Their needs were best met by a 350 kW ground mount system that we designed for them.
Eager to proceed without delay, RB Elliott & Son were initially frustrated by the slow response from the finance provider they’d selected. When they asked CleanEarth if we could help, we immediately recommended they talk to Chartered Finance, who we had worked successfully with on previous projects. They were quick to respond, and they introduced long-time collaborators Investec to structure and underwrite the finance.
The solution was a ‘pre-hire facility’ by which Investec paid CleanEarth to complete the installation, and RB Elliott & Son only started loan and interest payments once the panels were installed and generating low-cost energy for the business.
Clear communication and responsiveness between all four parties meant the project ran smoothly – and swiftly – to a successful conclusion. According to Charlotte Davies, Head of Sustainable Energy Finance at Investec: “This project is testament to the close working relationship between us, CleanEarth, and Chartered Finance for our customer’s benefit.”
The system is now providing nearly 40% of the site’s energy demand, at a cost 25% lower than power from the grid. It’s also going to be saving 60 tonnes of carbon emissions per year, adding up to over 1,440 tonnes of savings in the system’s lifetime. This project demonstrates the range of avenues into solar power, and the importance of going the extra mile to ensure a project becomes viable.
For more information on different ways to finance solar power projects for business, check out our recent article: Investment strategies for solar power.
