Carlton Solar Farm Reaches Financial Close

Enray Power Ltd is pleased to announce achieving financial close in relation to its Carlton Solar Farm project, with all main project finance, construction, procurement and offtake agreements being executed. Enray, backed by Omnes Capital since 2023, is pursuing an IPP strategy in the UK and this project marks an important next step in the transformation of the company with its second PV asset in construction.

The 49.9MW CfD-backed project is located near Selby, North Yorkshire. It will provide green energy to 23,900 UK homes whilst offsetting 17,609 tonnes of CO2 each year.

Additionally, the project will provide biodiversity net gains of 99.41% in habitat units and 11.58% in hedgerow units. Construction of the asset is expected to be completed in Q4 of 2027.

This transaction stands as an important milestone in Enray Power’s partnership with Akereos Capital, Watson Farley & Williams and Rabobank, whose collaboration contributed significantly to its success.

Akereos Capital provided debt advisory and structuring services for the project. Senior debt financing of GBP 43million has been agreed with Coöperative Rabobank U.A, an international cooperative bank with a strong focus on financing the shift to renewable energy. The agreement draws upon multiple facilities and will enable the delivery of the project in totality, without 3rd party investment. Legal advisory has been provided to Enray Power by independent UK law firm Watson Farley & Williams LLP, whose teams have contributed across the transaction.

Market analytics was provided by Aurora Energy Research, utilising their Solaris platform for market forecasts.

Philip Price, Enray Power Chief Executive Officer

“Enray Power’s mission is to power a sustainable future through renewable energy. This investment marks another significant step forward in delivering that mission and underscores our commitment to responsible, sustainable development that benefits the environment.”