Green energy funding

1 min read

Cambridge-based energy services company, Green Energy Options, has undertaken a multi-million-pound contract after receiving £1m in funding support from the government’s Enterprise Finance Guarantee (EFG).

The £1.3bn scheme is designed to support businesses that are finding it hard to access finance due to current economic difficulties.

Under the EFG, the government will support bank lending of three months' to 10 years' maturity to UK businesses with a turnover of up to £25m.

This will allow viable companies to secure loans of between £1,000 to £1m until the end of March 2010.

Patrick Caiger-Smith, Green Energy’s chief executive officer, said: ‘To fulfil orders on this scale, there is a big funding requirement to meet the logistical demands that are placed upon us, and we are delighted to have agreed this funding package with our bankers, who have supported us since the inception of the company.

‘In today’s tougher environment there was some trepidation about our ability to raise the level of funding required, but we have been delighted by the response from NatWest, and the flexibility that the structuring of the loan under the EFG scheme provides.’