Barclays Corporate Support Overseas Expansion For Ener-G

Online, January 27, 2012 (Newswire.com) - The deal, which includes a £15 million term loan and a £15 million revolving credit facility, was arranged by David Culshaw, Relationship Director at Barclays Corporate in Manchester.

The £30 million growth fund is new money that will enable ENER-G to accelerate international activity. It will support growth in key strategic markets, including USA and Eastern Europe.

Peter Southby, Group Finance Director, said, "We are genuinely excited by the prospects for growth overseas in our business and look forward to strengthening our relationship with Barclays as we continue our development in the future.

David Culshaw, Relationship Director for Barclays Corporate in Manchester added: "This is a significant moment for ENER-G; it demonstrates our confidence in the business model and provides a blueprint of how visionary companies can achieve their commercial aims with the right support.

"ENER-G is a genuinely global business who has their sights firmly set on further international expansion. Our substantial knowledge of the energy sectors and our ability to provide our clients with an end-to-end working capital solution ensured we were best placed to support them with their growth ambitions."

Based in Salford, Greater Manchester, the ENER-G group of companies was created in 1997 and has since become a UK leader in clean power generation from renewable and sustainable sources and combined heat and power technology.

ENER-G Group Inc. is the company's new business in the USA. In November 2011, ENER-G announced a $6.3 million energy services contract with Saint Peter's College New Jersey - financed by ENER-G. The new funding will help ENER-G to finance and deliver further carbon abatement projects such as this across the USA, where there is already a strong pipeline of opportunity.

The funding will also help ENER-G expand further in Eastern Europe, where it is already active in Poland, Hungary, Romania and Lithuania.

ENER-G's successful business model, which was developed in the UK market, is to provide a complete energy solutions package - tailored to the needs of an individual organisation. This one-stop-shop approach involves taking care of all elements of the project, including providing upfront finance. As such, ENER-G provides guaranteed savings without any need for capital outlay by customers, which is a proposition that is highly appealing to every organisation across the globe.

Peter Southby added: "With depleting supplies of fossil fuels, rising energy costs and the imperative to reduce greenhouse gas emissions, organisations across the globe are urgently addressing the twin objectives of cost and carbon reduction and many are seeking an end-to-end financed service. With the additional funding, available over a four year period, ENER-G can meet this demand and further expand its flourishing export business."
Aside from the new funding, ENER-G is already investing £20m in building seven landfill gas generation plants in South Africa and has recently commissioned new renewable generation facilities in Lithuania, Romania and Mexico.

ENER-G designs, develops and finances energy efficient and renewable solutions on a business-to-business basis globally. It has operating companies, joint ventures and partnerships in 17 countries, including the UK, Hungary, USA, the Netherlands, Romania, Lithuania, Italy, Norway, Poland, South Africa, Mexico and Spain, with partners in Canada and across Western and Eastern Europe.

Products and services supplied by ENER-G include: combined heat and power (CHP), biogas and methane gas utilisation for power generation; geothermal energy; heat pumps; efficient lighting; air conditioning; building energy controls; metering and data solutions; new generation energy from waste; energy and water management and energy procurement services.