Push Energy Secures Large Scale Solar Funding
Renewable power business, Push Energy, has secured £1.5 million funding to develop large scale, ground-mounted solar farms in the UK.
The Colchester-based firm, which has experience within the solar power market, is developing field-scale solar farms on carefully selected sites throughout the UK. The company is vertically integrated, with its subsidiary Push Build providing an in-house engineering design and procurement contractor (EPC) capability. This allows Push Energy to construct its own solar farms, thereby retaining control of the build process and ensuring quality of work.
To date, Push Energy has secured grid connections for approximately 300MW of sites, of which 20MW have so far received full planning approval.
The funding round was led by the Low Carbon Innovation Fund (LCIF), a venture capital fund managed by specialist energy and environment merchant bank, Turquoise International.
Stuart Bradshaw, CEO at Push Energy, comments: "We are very pleased with the funding we have received through the LCIF. The investment will enable us to develop more field-scale solar farms which will help play a substantial role in achieving the UK government's renewable energy targets."
Francis Wright, managing director at Turquoise International, which oversees the LCIF fund, adds: "Push Energy is a responsible renewable company that seeks solar farm sites by working in partnership local planners and landowners. The vertical integration allows the business to retain control over the whole process, ensuring complete quality control, and we wish them every success following this latest investment."
LCIF is a venture capital fund which is managed by Turquoise International on behalf of the Low Carbon Group at the University of East Anglia and supported by the European Regional Development Fund (ERDF). It has more than £20m of ERDF funding that will be combined with some £30m of private sector capital to generate more than £50m of low carbon investments.
