UrbanVolt, the Dublin-headquartered clean energy company, has secured a "transformational" €36m debt facility to fund its expansion.

The new funding includes a €30m, asset-backed, seven-year loan from Swedish-based credit fund PCP and €6m from existing funding partners BVP and Beach Point Capital.

The company said the new facility will be used to fund the installation of solar panels and related equipment on UrbanVolt's main target of commercial and industrial client sites in both Ireland and the UK.

UrbanVolt finances and installs solar panels on the rooftops of businesses and sells the solar generated electricity to those same businesses at up to 30% below prices charged by traditional electricity suppliers.

It also guarantees the price for up to 30 years, protecting businesses against rising energy costs for decades to come.

There is no minimum amount payable and no standing charges, with customers only paying for the power they use.

UrbanVolt launched its solar offering to Irish businesses last year and has agreed contracts with over 60 companies with seven installations completed so far.

Clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet and global supply chain solution-provider Syncreon.

The energy generated from these agreed contracts will be the equivalent of taking 4,000 homes off the grid, the company claims.

The business is capital intensive as UrbanVolt finances all the costs of buying and installing the solar panels on to the roofs of its clients. It said the new debt facility will allow it to significantly increase the number of installations completed over the next two years.

Urbanvolt was set up in 2015 by Kevin Maughan, Graham Deane and Declan Barrett and as well as solar energy, the company also finances, installs and maintains energy efficient LED lighting systems in large commercial and industrial sites such as car parks and warehouses.

In 2020, UrbanVolt raised €7m from investors including the Ireland Strategic Investment Fund (ISIF) and businessman Stephen Vernon who is chairman of the company.

Kevin Maughan, co-founder and CEO of UrbanVolt, said today's transformational deal will allow the company to scale at pace to meet the significant demand in the market while it will also streamlin the process of installing solar panels for its customers' benefit.

"This first funding facility from PCP will see our project output grow by 20 times over the coming years. It is also happening at a time when the demand for renewable energy is rising significantly given climate and geopolitical crises," Mr Maughan said.