Hive Energy gets GBP-19m bank guarantee for foreign growth

Hampshire-based renewables developer Hive Energy has secured a GBP-19-million (USD 24m/EUR 22.2m) bank guarantee facility from a unit of Spanish lender Santander, with the help of UK Export Finance (UKEF), the UK’s export credit agency, it was announced on Monday.

The facility will back the developer’s international growth in countries such as Turkey, Poland, Croatia, and Serbia. In particular, the company plans to finance ongoing projects in Turkey, where it has already developed 11 MW of solar parks to the operational stage, and expand into new markets like Serbia.

Hive Energy develops solar energy, battery storage, and green hydrogen projects, with its activities now spanning 17 countries.

“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,” said Hive Energy chief financial officer Roy Naismith.

“We’re pleased to have provided Hive Energy with a guarantee facility of GBP 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,” added Tee Cato, senior director, trade and supplier finance of Santander.

(GBP 1 = USD 1.263/EUR 1.168)

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