Gulermak lands £35 million NORD/LB loan for first UK solar project
What's the deal? London-based independent power producer Gulermak RenewablesDealroom has a profile for this one. Try Dealroom → has raised £35 million in debt financing to build a 48-MW solar park in Essex, England. German lender NORD/LBDealroom has a profile for this one. Try Dealroom → provided the package, tied to Gulermak's Hanningfield photovoltaic project.
Why now? The financing is Gulermak's first UK project loan and lets it move the plant into its construction phase. Commercial operations are scheduled to begin in August 2027.
What's the endgame? Set up in 2023, Gulermak has more than 400 MW of renewable projects in development across Europe, spanning solar, onshore wind, and battery storage. Earlier in September, it secured non-recourse debt for a 62.7-MW solar portfolio in Poland.
The Hanningfield plant's revenues are secured under a 20-year offtake agreement won in the UK's Allocation Round 7 Contract for Difference scheme, covering 100% of future generation. Energy trading firm ElectroRouteDealroom has a profile for this one. Try Dealroom → will provide route-to-market services for 10 years.
Chief executive officer Turkekul Dogan said the UK "will play a central role in our growth strategy" as the company seeks to "build and scale a diversified renewable energy portfolio."
The signal: The deal shows a young developer using long-term state-backed contracts and bank debt to expand across European markets, with the UK emerging as a growth anchor.
Read more: renewablesnow.com
Image credit: Daquella manera
