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Verdane invests in solar specialist UrbanVolt

European specialist growth investor Verdane, through its impact fund Idun, has made an investment of up to €26m in UrbanVolt, a specialist in clean energy technology with operations in Ireland and the United Kingdom. 

UrbanVolt helps business customers make a cost-effective transition to clean energy with its ‘Solar-as-a-Service’ business model, which involves financing, installing, and maintaining solar panels for customers, enabling the purchase of solar-generated power at a discount to grid-based electricity providers’ rates of up to 40%.

UrbanVolt’s power purchase agreement solution allows businesses to lock in their electricity rate for up to 30 years, safeguarding against volatile energy costs.

Verdane’s investment comes as solar capacity in Europe is expected to double by 2030 and more than quadruple by 2050.

UrbanVolt’s existing clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution-provider Syncreon.

Verdane will support UrbanVolt with product development, bolstering its sales and marketing engine, and optimising its financing structure. Verdane’s investment will also help UrbanVolt grow through organic and inorganic growth, scaling the company’s presence in the UK and other European markets.

The investment was made from Verdane’s Idun I fund, which is classified as “Article 9” under the European Union’s Finance Disclosure Regulation, and which closed in January 2022 at its hard cap of €300m.

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