Image: Anesco.
Solar and battery storage developer Anesco has restructured its debt in a bid to realise further growth in 2020.
In a statement issued this week, Anesco said it had worked alongside its principal shareholder and funder Alcentra to complete a financial restructuring, reducing group borrowings and strengthening its balance sheet.
Those moves would, executive chairman Steve Shine said, strengthen its position “as a leader in the UK’s renewables industry”.
“Our growth to date has been founded on innovation and being first to market with new technologies and models of working that support the country’s drive towards a low-carbon economy. With a deleveraged balance sheet and stronger capital structure, we will be well placed to capitalise on new market opportunities,” he said.
The restructuring coincides with Anesco’s tenth year in operation, having been founded in Reading in 2010. Since then, it has brought forward significant quantities of utility-scale solar and storage in the UK, while simultaneously amassing an O&M portfolio with a capacity approaching 1GW.
It also comes just under a year after an internal restructure at the company saw it double down its focus on battery storage development and asset management, resulting in the loss of 18 jobs.