In April 2022, PCP provided a EUR 30 million term loan to UrbanVolt Ltd, an Irish company offering “Lighting as a Service” and “Solar as a Service”. The seven-year asset-backed loan will be used to fund the installation of solar panels and related equipment on their primary target of commercial and industrial client sites.
UrbanVolt was founded in 2015 and since 2021 offers Irish businesses the possibility of reducing their energy costs and transition to green solar energy on long term, fixed rate Power Purchase Agreements.
UrbanVolt delivers a turn-key solution which includes managing the planning permission process, designing the optimum solar PV system for their clients, installing the panels on-site and performing all necessary service and maintenance through the lifetime of the agreement.
UrbanVolt clients pay per kWh for the power that is produced from their roof and there is no upfront cost to the client.
Key investment highlights appreciated by PCP are the long-term contract nature of the business, an attractive asset base to act as security to PCP’s loan as well as the contribution to accelerate the transition towards a green society.