Virgin Money has announced an £18 million financing partnership with Gresham House, a prominent alternative asset manager, to support the acquisition of the 21MW Burgate Solar Park. This marks Virgin Money's largest transaction in the renewable energy sector and provides Gresham House Solar Distribution LLP (GHSD) with a flexible revolving credit facility aimed at expanding its solar energy assets.

This collaboration aligns with Virgin Money's goal to reduce the carbon footprint of financed projects by 50% by 2030 and to achieve at least 5% of its loan book in sustainable lending by fiscal year 2022. Gresham House has already raised over £49 million from investors and operates eight solar parks across England and Wales, generating enough energy to power over 12,500 homes and significantly reducing CO2 emissions.

The financing from Virgin Money is designed to be adaptable, allowing Gresham House to further grow its solar portfolio. Gresham House Asset Management specializes in investments in renewable energy, including solar PV and energy storage, and aims to support the transition to a sustainable economy while delivering solid returns for investors.

Wayne Cranstone, investment director at Gresham House, emphasized the importance of this partnership in light of the UK's commitment to achieving net-zero emissions by 2050. He noted that expanding solar operations will contribute to the UK's decarbonization efforts, especially as the country prepares to host the COP26 summit.

Keith Wilson, head of renewables at Virgin Money, highlighted that this transaction is one of the bank's most significant contracts in the renewable sector. He praised the bespoke funding solution that supports Gresham House's strategic objectives and aligns with Virgin Money's refreshed environmental, social, and governance (ESG) strategy.

Virgin Money's commitment to renewable energy is further demonstrated by its £150 million investment in various renewable projects, including hydroelectric and wind energy. The bank is actively pursuing additional green financing initiatives and aims to integrate sustainable products while addressing carbon emissions across its portfolio. Through collaboration with stakeholders, Virgin Money is focused on driving impactful change in the renewable energy sector.