Press Release
UrbanVolt, the leading Irish solar-as-a-service company, has secured a €40m, multi-currency debt facility from HSBC Innovation Banking UK and HSBC Asset Management.
This financing means the Dublin-headquartered company with offices in London has secured over €230m to date. The latest debt facility will be used to fund the group’s continued growth and accelerate the delivery of commercial and industrial projects in Ireland and the UK.
UrbanVolt helps business customers make a cost-effective transition to clean energy with its ‘Solar-as-a-Service’ business model.
Customers include brewing company Heineken, Blanchardstown Shopping Centre, multinational manufacturer Flextronics, and global supply chain solution provider Syncreon.
UrbanVolt’s business model involves designing, financing, installing, and maintaining solar panels for customers, enabling the customer to buy solar-generated electricity at a potentially lower cost than utility rates.
Background
In 2023, UrbanVolt announced a €26m equity investment from leading European specialist growth investor, Verdane.
In August 2024, Justin Jacober, the former managing director of UK-based energy company Centrica Business Solutions, was appointed as UrbanVolt’s new CEO to drive further international expansion.
Justin Jacober, CEO of UrbanVolt, said: “This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt’s growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK.
In an unpredictable global economic climate, this funding reinforces UrbanVolt’s position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy.”
Conor Sheehy, head of warehouse finance, HSBC Innovation Banking UK, said: “We are delighted to support UrbanVolt on their next chapter of growth, as they look to accelerate the delivery of commercial and industrial projects in Ireland and the UK.
This financing is an example of collaboration between HSBC Innovation Banking and HSBC’s Asset Management team, bringing together our expertise to provide bespoke support and deliver tailored financing solutions for our clients.”
[Image caption: Justin Jacober, CEO, UrbanVolt; and Conor Sheehy, head of warehouse finance, HSBC Innovation Banking UK. Image credit: UrbanVolt]
Want to publish a press release? Submit your content here for review by our editorial team.
