Renewable energy developer Low Carbon announced that it has raised more than £500 million (USD$685 million) in a debt refinancing through a deal involving ten international banks, marking one of the largest debt raises of its kind in the European renewables market.

Founded in 2011, Low Carbon is a UK-based independent power producer that develops, builds and operates utility-scale renewable energy projects across Europe, including solar, onshore wind and battery storage. The company collectively has around 1 GW of capacity which is either operational or under construction and a broader development pipeline totalling 16 GW.

The new financing forms part of a funding package that sees private markets investment manager CVC’s infrastructure strategy CVC DIF become the majority shareholder in Low Carbon. The CVC acquisition was announced in December 2025, with the deal securing more than $1.4 billion in capital for Low Carbon, aimed at creating a leading, pan-European Independent Power Producer (IPP).

Roy Bedlow, CEO of Low Carbon, said:

“Long-term partnerships with investors and lenders are fundamental to Low Carbon’s continued growth. This landmark capital raise demonstrates the confidence that leading international banks have in our vision and ability to deliver large-scale renewable energy to the grid and ensures we are well positioned to accelerate the development of our renewables pipeline to help fight against climate change.”

The company said that the transaction reflects continued lender participation in large-scale renewable energy financing, drawing cooperation from existing banking partners Lloyds, NatWest, Intesa Sanpaolo, and AIB, while adding new lenders such as Société Générale, HSBC and Santander.

Victoria Whitehead, Head of Infrastructure and Transport at Lloyds, said:

“Lloyds has been a relationship bank for Low Carbon since its inception in 2011 and we are proud to support it at this significant point in its growth strategy, with one of the largest debt rakes in the European renewables market.”

Bruce Riley, Head of Project Finance at NatWest, added:

“The transaction reflects the strength of our long-standing relationship and our shared commitment to supporting the delivery of large-scale renewable energy infrastructure.”