Prestige Funds marks over GBP 100 million in clean energy lending in first three quarters of 2019
Leading provider of debt finance to the UK’s private biogas industry reports record year and expansion of Cambridge operation.
Prestige Funds, the specialist private debt fund manager, has loaned over GBP 100 million in secured finance to biogas and anaerobic digestion projects in the UK over the last nine months. The financing is managed through Privilege Finance, part of the same group of companies and a specialist in lending to businesses in the UK’s agricultural sector.
With the growth in this activity, Prestige has also relocated Privilege Finance to new offices north of Cambridge. This reflects the growing headcount with more than 30 additional personnel, and the scope of the group’s agri-lending activities.
Craig Reeves, Founder of Prestige Funds, commented:
“Prestige Funds has provided the financing for both new and existing clean energy projects in the UK this year, projects which are playing an important part in the UK’s transition to a greener economy. Farmers and rural communities are now benefitting from cheaper energy from renewable sources thanks to these plants. Over 120,000 homes across the country are now receiving greener electricity as a result of our lending activities.”
Privilege Finance now provides additional technical consulting services to the management teams at that biogas plants that it is backing, ensuring that they can remain profitable. This includes advice from leading specialists in the field of anaerobic digestion.
Chris Winward, Commercial Director of Privilege Finance, commented:
“We have financed both new plants and existing projects which have required modernisation or expansion. There is a recognition in the UK at both national and local government levels that our farming and rural communities need to play a big role in providing their own clean energy. At Privilege we are helping these businesses to make sure they meet best industry practices and stay financially viable.”
Prestige Funds has a 12-year track record in the private debt market and continues to see interest in the climate-friendly lending activities it supports. The group remains one of the biggest providers of private finance to UK’s biogas sector and a major provider of finance to on-farm energy projects. Over the last 12 months Prestige has hosted over 50 site visits by investors from all over the world to projects it supports.