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|Power station developer generating cleaner energy with Lloyds Bank support|
|Friday, 20 November 2015|
An energy company headquartered in Birmingham is building new gas-fuelled power stations across the country to provide peak power to the national system, with the support of a £49.5million facility from Lloyds Bank.
Green Frog Power Ltd already builds and operates power stations across the UK, providing standby power capacity to National Grid for times of excess demand. The business also invests in the development of new technologies to replace coal and other carbon-heavy forms of energy.
As part of a national strategy focused on developing new, flexible capacity, the organisation is building nine new gas-fuelled power stations. These will provide a clean source of efficiently produced power and improve the UK’s security of supply.
Subsidiary Viridis 178 turned to long-term banking provider Lloyds Bank for funding for the project. The bank provided corporate asset finance and a VAT facility for the construction of the new gas-fired power stations, and work is now complete at the first site at Bridgwater.
Green Frog is based in Coleshill and has 60 employees, whilst the subcontractors it employs across the UK expand its workforce to around 300. It has a pipeline of 500MW of new gas-fired power stations in development, in parallel with the current 178MW in construction.
Jeremy Taylor, director, said: “When there is a tightness of supply because another station has failed or the wind is still, we step in to meet demand. It was encouraging to hear Amber Rudd, Secretary of State for Energy and Climate Change, this week back the development of flexible gas-powered stations such as ours to deliver energy for the UK when it needs it most.
“The funding from Lloyds Bank has been instrumental in the construction of these new, gas-fired stations. Lloyds Bank made a bold move in providing funding for the UK’s first new-build project delivered under the government’s Capacity Market, and we are very pleased to have the team’s close support.”
Mark Moss, director at Lloyds Bank Commercial Banking, said: “Maintaining power supplies is essential for the smooth-running of the country, and Green Frog plays a key role in ensuring electricity shortages are quickly overcome.
“We are committed to supporting ambitious, entrepreneurial businesses like this with bespoke funding facilities that provide access to capital to enable them to realise their growth plans, and we look forward to seeing the results of this project.”
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