05 Sep '11, 10am

Barclays makes waves with £3.4m loan to Aquamarine

Aquamarine Power has been hailed as the first marine energy company to secure bank debt finance, in a move that signals increasing investor confidence in the UK's fledgling wave and tidal power sectors. The Edinburgh-based wave energy firm has agreed a £3.4m loan with Barclays Corporate to fund the completion of a 2.4MW array of Oyster wave energy converters at the European Marine Energy Centre in Orkney. FURTHER READING Over a third of UK farmers keen on renewables investment World's largest tidal array coasts closer to reality The transaction is the first bank debt finance loan extended to a marine energy firm, and will be repaid over five years from revenue generated by the array. Aquamarine's chief executive, Martin McAdam, hailed the deal as a major milestone for the marine power industry, which demonstrated that Barclays has the confidence to lend to a marine power p...

Full article: http://www.businessgreen.com/bg/news/2106554/barclays-mak...

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