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£380,000
Successfully borrowed for new Biomass Boiler
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The Challenge
A prospect was starting a new company to buy and install a Biomass boiler, so that they could get the ‘Feed in Tariff’ (FIT) from Ofgem for the next 20 years.
The project was £380k and they didn’t have those funds available.
So, they needed to borrow them, despite being a new business and have no experience of the biomass industry.
The Solution
I am heavily involved in Biomass and have been helping fund green technology for several years.
I have both the experience of the (FIT) and the funders who lend. They know my background too.
The project incorporated a boiler, flue, pipework, plant room and many ancillaries, so the risk was high as there’s a lot of installation costs too. Once that was explained, I suggested that some additional security might be needed, as sometimes we can’t just rely on the RHI to get the deal agreed.
On this occasion, just that happened and a facility of £380,000 was agreed over 60 months.
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