County Durham-based onshore renewable energy developer OnPath Energy is accelerating its project development plans across the UK after securing a new £120 million business credit facility. 

OnPath worked with NatWest, Barclays, Norway’s largest bank DNB and the Canadian Imperial Bank of Commerce (CIBC) to set up the new agreement, which will provide the working capital required by OnPath to make faster progress on more renewable energy generation schemes. 

Headquartered in Houghton le Spring and with offices in Hamilton and London, OnPath Energy currently has five consented onshore wind and solar energy schemes across England and Scotland in development, with numerous further sites in planning. 

OnPath Energy owns and operates onshore wind farms across Scotland and northern England, and has more than three gigawatts of renewable energy generation and electricity storage projects in its pipeline, with more set to follow. 

OnPath was acquired last year by global alternative asset manager Brookfield, which has approximately 34GW of installed renewable energy capacity worldwide and a development pipeline of approximately 200GW of renewable power assets. 

OnPath Energy Chief Financial Officer Simon Fisher said: “The enthusiasm our lenders showed for the development strategy we put before them reinforced the confidence we have in our future plans and we’re excited to be moving into this next stage of our evolution. 

“OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, which will amplify the part we can play in a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone. 

“We will grow in terms of our diversity of projects and technologies, as well as geographically, and will deliver a range of high-quality projects that will contribute to both the UK’s journey towards net zero and its essential domestic supplies of secure, affordable green energy.”

Fisher added: “Being part of the Brookfield portfolio has given us greater access to capital, global relationships for procurement and routes to market, all of which will have a galvanising effect on our pace of progress. 

“This new agreement is another part of how we’re already seeing tangible outcomes resulting and will contribute towards our long-term goal of becoming the UK’s leading land-based renewable energy developer. 

“The new government’s clear commitment to doing everything it can to make the UK a clean energy superpower provides the ideal context for OnPath’s future development and we’re ready to make a meaningful contribution to delivering on this goal.” 

Norton Rose Fulbright provided legal advice to OnPath Energy during the transaction, with Ashurst working on behalf of the lenders.