UrbanVolt, an Irish solar company, obtains €40m in debt financing to support growth efforts

Irish-based solar-as-a-service company UrbanVolt has recently secured a substantial €40m debt facility from HSBC Innovation Banking UK and HSBC Asset Management. This new funding adds to UrbanVolt’s total funding, which now stands at over €230m, and will be instrumental in supporting the company’s growth and enabling the acceleration of commercial and industrial projects in both Ireland and the UK.

UrbanVolt specializes in assisting customers in transitioning to clean energy in a cost-effective manner. Some of its prominent clients include Heineken, Blanchardstown Shopping Centre, Flextronics, and Syncreon. The company’s unique business model involves handling all aspects of the solar panel process, from design and financing to installation and maintenance. This allows customers to access solar-generated electricity at potentially lower rates than traditional utility costs.

In light of its recent accomplishments, UrbanVolt received a significant €26m equity investment from Verdane in 2023 and appointed Justin Jacober, former managing director of Centrica Business Solutions, as CEO in August of the same year. According to Jacober, the funding provided by HSBC is a crucial step in UrbanVolt’s growth trajectory, facilitating the efficient implementation of projects for both current and prospective clients in Ireland and the UK.

Conor Sheehy, head of warehouse finance at HSBC Innovation Banking UK, expressed his enthusiasm for supporting UrbanVolt’s expansion plans. The collaboration between HSBC Innovation Banking and HSBC Asset Management showcases their joint efforts in offering tailored financial solutions and support to clients like UrbanVolt, particularly as they seek to accelerate their operations in the commercial and industrial sectors of both Ireland and the UK.

UrbanVolt, established in 2015, earned the distinction of becoming Ireland’s first certified B Corp in 2018. The company’s recognition as the European Startup of the Year at the Startup Europe Awards and Service Exporter of the Year in 2023 underscore its commitment to innovation and sustainability. With a London office also in operation, UrbanVolt continues to solidify its position as a leader in the renewable energy sector.

The latest funding secured by UrbanVolt from HSBC marks a significant milestone in the company’s journey towards continued growth and success. The financial support provided not only bolsters UrbanVolt’s position within the renewables industry but also instills confidence and stability for customers transitioning to renewable energy sources. This strategic collaboration between UrbanVolt and HSBC underscores a shared commitment to sustainability and advancing the adoption of clean energy solutions in both Ireland and the UK.