Hometree Secures £250 Million Barclays Financing for Home Renewables

UK residential energy services company Hometree said Friday it has secured a GBP-250-million (USD 319m/EUR 296m) asset-backed debt facility from British bank Barclays in what is described as the UK’s first residential renewable securitisation.

The facility will be deployed to finance over 28,000 residential solar panel systems, batteries and heat pumps across the UK over the next two years. It is allowing Hometree to introduce to the UK residential renewable market products such as zero-deposit leases, low-interest loans, and loans with terms of up to 25 years.

Hometree aims to create a European residential energy services platform that combines hardware installation, financing, repairs and ongoing maintenance. It has a goal of decarbonising over one million homes by 2030.

“Homeowners across the UK want to decarbonise their homes not only because it’s good for the planet but because they want more certainty and lower energy bills. However, the upfront installation costs are unaffordable for most people, despite the benefits solar panels, batteries and heat pumps can bring. We are excited to solve this at Hometree,” commented Hometree founder and chief executive Simon Phelan.

In April, Hometree said it had secured a debt facility from funds and accounts managed by BlackRock.