Renewable energy developer Hive Energy has secured a new £19 million bank guarantee facility from Santander, supported by UK Export Finance.
Hive develops solar energy, battery storage (“BESS”), and green hydrogen projects around the world and is using the capital to support an array of new and ongoing projects in Türkiye, Serbia and other countries.
Founded in 2010, the Romsey business has already established projects in 17 countries and has diversified into alternative green technologies and circular economy ventures.
Hampshire renewable energy developer Hive Energy has secured a £19 million bank guarantee facility to fuel its international growth, with support from UK Export Finance (UKEF). The guarantee will allow Hive to deliver new and existing renewable energy projects with an immediate focus on Türkiye, Poland, Croatia, and Serbia.
Hive Energy develops carbon-saving projects from greenfield through to operations, acquiring suitable sites, securing access to grid networks, achieving planning permissions and securing finance to build the infrastructure. The firm has operated for over thirteen years and has grown from its headquarters in Romsey to developing projects in 17 countries.
The new facility will allow Hive to finance ongoing projects in Türkiye – where it has already developed 11MWs of photovoltaic power generation plants to operational status – and extend into new markets such as Serbia.
In recent years, the firm has also begun to develop new facilities to produce green hydrogen and green ammonia, with core projects in South Africa, Spain, and Chile.
Roy Naismith, Chief Financial Officer of Hive Energy, said: “This support from UKEF and Santander has allowed an acceleration in our drive to increase global production of renewable energy. We now have additional financial capacity to ramp-up activity in Türkiye, Serbia and other territories helping us to deliver clean energy more quickly and more widely in our mission to reduce global carbon emissions.”
UKEF, the UK’s export credit agency, supported Santander with a guarantee from its General Export Facility scheme. This product has helped UK firms – mostly 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, said: “Government-backed export finance can be a valuable tool for firms looking to do more in the renewable energy sector. I take great pleasure in our commitment to backing Hive Energy as it pursues its aim of reducing the energy sector’s carbon impact and secures more overseas contracts.”
Tee Cato, Senior Director, Trade and Supplier Finance of Santander, said: “We’re pleased to have provided Hive Energy with a guarantee facility of £19 million to support their performance bond requirements, both directly in the UK and through our partners across the globe, where Hive is looking to grow its business. We look forward to continuing working together.”
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for Business and Trade as an integral part of its strategy and operations. Established in 1919, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2023, the bank had around 19,800 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
