ENERGY STORAGE

Solar-storage developer Hive Energy secures £19m Santander bank facility

March 7, 2024

UK solar and battery storage developer Hive Energy has secured a new £19 million bank guarantee facility from Santander, supported by UK Export Finance (UKEF).

Hive, which also develops green hydrogen projects, will use the capital for new and ongoing projects in countries including Turkey, Poland Croatia and Serbia.

Hive Energy develops projects from greenfield through to operations, acquiring suitable sites, securing access to grid networks, as well as securing planning permission and finance to build the infrastructure.

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.”

Richard Armstrong, UKEF export finance manager for Hampshire and Isle of Wight, commented: “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 at 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.”