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Wesleyan Bank launches specialist finance solution for the renewable heat sector

Wesleyan Bank launches specialist finance solution for the renewable heat sector

Partnership with Alterinvest Capital sees Wesleyan Bank expand its broker proposition.

Wesleyan Bank, a specialist provider of commercial finance solutions, has launched a bespoke cash flow product for the renewable heat sector. The RHI financing solution, formed following Wesleyan Bank's partnership with Alterinvest Capital (Alterinvest), provides advanced payment for Government qualifying Renewable Heat Incentive (RHI) projects.

Initially aimed at businesses running biomass, anaerobic digestion and biogas facilities, RHI Financing enables operators to access the funding they need to invest in sustainable technology to comply with the Government's new Green Energy strategy, whilst helping to optimise cash flow.
 
Richard Baker, who heads up the RHI proposition at Wesleyan Bank, says, "Improving cash flow can make a tangible difference to the success of renewable energy projects.
Our solution aims to accelerate annual RHI subsidy income into one upfront payment, reducing the impact of short-term setup costs and is suitable for customers operating systems that have already achieved accredited status."

RHI Financing is available for any technology receiving RHI payments. The flexible solution has been structured to assist renewable heat operators to overcome technical, financial and commercial hurdles to make project commissioning and ongoing operations achievable.

Qualifying businesses simply receive an upfront single payment based on their forecasted 12-month RHI claim and historic RHI receipts.
 
Baker comments, "The launch of this solution allows us to further help those investing in renewable heating. As an asset finance specialist, we are continuing to assist with initial equipment purchase and in some instances refinancing, however RHI Financing offers a unique advantage over other forms of traditional lending.

The solution allows renewable heat operators to improve cash flow and short-term financial stability on an ongoing basis, after the initial investment has been made."

"By improving working capital and liquidity, RHI Financing can also provide the necessary funding for reinvestments in new technology and offer greater predictability over monthly expenditure patterns."

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