Despite the ongoing economic challenges caused by COVID-19, one renewables specialist has reported its busiest period ever for both new enquiries and deals being signed.

Bryan Glendinning, Chief Executive Officer, Engenera Renewables Group, believes the surge in demand is a result of the certainty offered by the Brexit deal and positivity stemming from the rollout of vaccines in the UK.

Engenera Renewables, which installs a range of renewable technologies including solar photovoltaic and renewable heat, is executing the rollout of a £100 million war chest, the proceeds of which allows it to install renewable projects for free for clients.

The company has access to a £100 million bond programme that provides the funds to install a wide range of renewable technology projects at no outlay to the customer and which provide long-term (c 25 years) stable cash flows as the investment return.

Convexity Capital Partners, the arranger of the £100 million Engenera Green Bonds notes programme, issued by Engenera Green Bonds Plc, has already signed up local authority pension funds as investors and is in due diligence with several more.

Proceeds from the programme allow Engenera to install its renewable technologies for free to its customers, which are typically companies and public sector bodies with a lot of roof or ground space. The clients then enter into a power purchase agreement (PPA), which typically lasts for 20-25 years.

The costs of the electricity under the PPA is usually around 20-25% less than charged by the incumbent energy provider, but importantly it includes the cost of the equipment, the installation and the maintenance during the term of the PPA. At the end of the PPA, the ownership of the equipment is transferred to the customer.

Engenera is an established operator. Since 2017, it has completed more than 200 installations. Its bond programme now enables it to fund projects itself, and this has increased the number of installations it is able to achieve while also speeding up the decision-making process.

Glendinning said:

“It has been a challenging 12 months for everyone; there was much uncertainty last year with both Brexit and the pandemic and many projects were put on ice while decision makers awaited clarity.

“Since the New Year, with a Brexit deal being done and the vaccine being rolled out, we are now seeing many businesses willing to make decisions and push forward. This is good news for us. Our bond programme means that we can self-fund projects, meaning no capital outlay for customers.

“This programme combined with a new sense of positivity in the renewables sector opens up so many new possibilities for us as a company. At Engenera Renewables Group, we truly believe energy efficiency is for everyone. This is why we have created partnerships with UK businesses and Government bodies to implement a renewable energy strategy, which can drastically reduce energy costs and environmental impact.

“Within the domestic sector we are helping private homeowners, landlords and tenants to implement a range of technologies, to save money and ensure warmer homes for all. This ethos has driven the Engenera team and I to create a robust 5-year vision with a profitable yet ethical approach. This bond programme will help make that vision a reality.”

Lloyd Lawson, Business Development Director of Engenera Renewables Group, said:

“It is important to recognise exactly where we are at in the UK with regards to energy, carbon and overall strategy. Government legislation on environmental responsibility and carbon reduction is an ever-changing landscape and is the responsibility of business owners and senior management.

“Having already utilised LED Lighting, and employed the services of energy procurement specialists and assessors, what is the next organic step for companies?

“It is our belief that every business in the UK, large or small, will have to embrace some form of renewable technology within the next five to seven years. Not all companies or organisations have the capital or want the responsibility of such systems – this is where companies like Engenera can help.”

By Editor