Hampshire-based renewable energy developer Hive Energy has obtained a £19 million bank guarantee facility with the assistance of UK Export Finance (UKEF). This financial support from UKEF will facilitate Hive Energy’s global expansion, with a primary focus on advancing renewable energy projects in Turkey and Serbia.
Hive Energy specializes in developing renewable energy projects, including large solar parks across the UK and Europe. The company manages the entire project lifecycle, from greenfield development to operational stages, encompassing site acquisition, grid network access, securing planning permissions, and financing infrastructure construction. With over thirteen years of operation, Hive Energy has expanded its presence from its headquarters in Romsey to developing projects in 17 countries.
The newly secured guarantee facility will enable Hive Energy to fund ongoing projects in Turkey, where it has already developed 11MWs of photovoltaic power generation plants. Additionally, the company plans to venture into new markets, such as Serbia.
In recent years, Hive Energy has diversified its portfolio by initiating projects focused on green hydrogen and green ammonia production. Flagship projects in South Africa, Spain, and Chile underscore the company’s commitment to sustainable energy development.
This announcement highlights the availability of government support for small and medium-sized exporters within the renewable energy sector. Roy Naismith, Chief Financial Officer of Hive Energy, expressed gratitude for the support from UKEF and Santander, emphasizing how it accelerates the company’s efforts to increase global renewable energy production.
UKEF, the UK’s export credit agency, played a pivotal role by supporting Santander with a guarantee from its General Export Facility scheme. This product has enabled UK firms, predominantly small and medium enterprises, to access over £325 million in working capital since its launch in 2020.
Richard Armstrong, UKEF Export Finance Manager for Hampshire and Isle of Wight, highlighted the valuable role of government-backed export finance in the renewable energy sector. The support for Hive Energy aligns with the company’s mission to reduce the energy sector’s carbon impact and secure overseas contracts.
Tee Cato, Senior Director of Trade and Supplier Finance at Santander, expressed satisfaction in providing Hive Energy with a £19 million guarantee facility. The support will aid Hive Energy’s performance bond requirements, contributing to the company’s global business growth.