Wesleyan Bank launches product for the renewable heat sector
Wesleyan Bank, a specialist provider of commercial finance solutions, has launched a bespoke cashflow product for the renewable heat sector.
The RHI financing solution, formed following Wesleyan Bank’s partnership with Alterinvest Capital, provides advanced payment for government qualifying Renewable Heat Incentive (RHI) projects.
It enables operators to access the funding they need to invest in sustainable technology to comply with the government’s new Green Energy strategy, whilst helping to optimise cashflow.
Richard Baker, who leads the RHI proposition at Wesleyan Bank, said: “Improving cash flow can make a tangible difference to the success of renewable energy projects.
“Our solution aims to accelerate annual RHI subsidy income into one upfront payment, reducing the impact of short-term setup costs and is suitable for customers operating systems that have already achieved accredited status.
“The launch of this solution allows us to further help those investing in renewable heating.
“As an asset finance specialist, we are continuing to assist with initial equipment purchase and in some instances refinancing, however RHI Financing offers a unique advantage over other forms of traditional lending.
“The solution allows renewable heat operators to improve cash flow and short-term financial stability on an ongoing basis, after the initial investment has been made.
“By improving working capital and liquidity, RHI Financing can also provide the necessary funding for reinvestments in new technology and offer greater predictability over monthly expenditure patterns.”