£40M facility secured 

The Foundation Property & Capital Group (FPC) has secured a £40m facility from Clydesdale Bank PLC for the rapidly growing energy investment arm of its Electric Land business. 

The new facility has supported its latest acquisitions, including Quinbrook’s 350MW/700MWh Uskmouth battery project, 2 sites for 72MW/144MWH of battery projects developed in-house and leased to Pulse Clean Energy (an IMCO company), and the 31MW Brenig wind farm operated by CGN under a base rent and revenue-share lease.

Ben Lansman, Managing Director of the Foundation Property & Capital Group, comments: “Electric Land has been developing renewable energy projects for 9 years and the real estate investment market for its extraordinary output of long-let, ultra-secure, index-linked real estate is now well established. It’s gratifying to get this support from Clydesdale, particularly to assist the growth of our investment portfolio through the acquisition of standing assets developed by third parties”.

Electric Land’s investment portfolio of UK freehold grid-connected land comprises 650 acres, c.30 sites, 1.1GW and with total ground rent income of c£5m. It’s growth principally comes from its UK development pipeline which currently totals over 1.8GW across 26 mostly land-banked and optioned sites, all with grid secured and many with planning. Including overseas projects concentrated in Ireland and Germany, the total development pipeline now exceeds 5GW at various stages of development.

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