eEnergy secures £40m in project funding

1st Mar 2024 10:51

(Sharecast News) - Digital energy services business eEnergy revealed on Friday that it had secured up to £40.0m in project funding from NatWest.

eEnergy said the funds will be used to finance energy efficiencies for public sector customers' onsite power generation projects and will drive efficiencies by enabling cost-effective adoption of the firm's full range of energy transition technologies.

The AIM-listed group noted that it will own and operate each project through a dedicated special purpose vehicle, retaining ownership and benefiting directly from the economics.

eEnergy added that the 12-year facility consists of two £20.0m tranches, designed to match expected drawdowns, with the second tranche becoming accessible once 75% of the first has been deployed.

As of 1630 GMT, eEnergy shares had surged 28.79% to 8.50p.

Reporting by Iain Gilbert at Sharecast.com