Anesco, alongside its principal shareholder and funder, Alcentra, has completed a financial restructuring that will see its balance sheet strengthened through significantly reducing the amount of borrowings in the group.
Commenting on the announcement, Anesco executive chairman, Steve Shine, said: “As Anesco approaches its milestone tenth year in operation, we continue to focus investment in our team members, our systems and infrastructure; with a commitment to strengthening our 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.
“Our thanks go to the Board and our investors who continue to support us and our mission to help customers realise the full commercial potential of renewable energy and energy efficiency projects.”
Founded in Reading in 2010, Anesco is the UK market leader for solar and energy storage and has a grid-scale portfolio of battery and hybrid (solar and energy storage) sites totalling 96MW that it owns and operates. Complementing this, Anesco’s operations and maintenance arm has close to 1GW of assets under management and the company remains the largest independent managing agent for the Energy Company Obligation (ECO) in the country.
Anesco was the first company in the UK to achieve subsidy-free solar, first to introduce utility-scale energy storage, first to co-locate energy storage with existing solar sites, and the first to have a battery participate in National Grid’s balancing mechanism.