Eaga to fit 30 000 solar panels
Published: 18 March, 2011
NEWCASTLE-UPON-TYNE: Renewable energy specialist Eaga has £300m funding to fit photovoltaic panels to over 30 000 homes.
The firm, which is in the process of takeover by Carillion, said the deal paved the way for similar projects due to the Government's targets for the installation of domestic renewable energy systems.
Eaga is putting £15m into the special purpose vehicle fund, which will own the group's solar PV assets. Other funding comes from bank debt financing. The deal paves the way for work to start on several social landlords' solar panel projects.
Drew Johnson, Eaga's chief executive, said: "The pathfinder nature of the project has meant that it has taken longer than we expected to get to this stage, during which time we have had to carry significant costs to maintain our installation capability, but we are now uniquely positioned with both the financial resources and the operational capability to capitalise on this significant market opportunity."