Belfast-based Asset Based Lending specialist Upstream ABL partners with leading renewable power firm Strategic Power Group to support developments across Ireland

Upstream ABL, the Belfast-based Structured Asset Based Lending (ABL) specialist, has partnered with renewable energy project developer Strategic Power Group (“SPG”) to help create some of the largest solar and battery developments in Ireland.
 
The multimillion-pound investment is one of Upstream ABL’s largest to date and is the latest in a series of high-profile financing arrangements for the company since it announced £150 million in funding from London’s Pollen Street Capital, following a management buyout (MBO) earlier this year.
 
Having bought out a London investor earlier this year, SPG will deploy the finance to further develop its pipeline solar PV and battery storage facilities, including one at Swordlestown, Co Kildare which will be capable of producing enough power to provide clean energy to 20,500 homes in the area.
 
Strategic Power Projects is currently investing in several sites to develop solar PV and battery energy storage systems (BESS) across the island of Ireland.

John Metcalfe, Upstream ABL’s Acquisition Manager said:
 
“Across a wide spectrum of industries – from manufacturing, hospitality and wholesale through to engineering, technology and now renewable energy – structured asset-based lending works. Flexible funding solutions that release capital to ignite projects, ideas, and innovation to help companies deliver on opportunities that could otherwise be lost.
 
“SPG has already established itself as a future-focused, world class solar PV and battery storage development business that will support the Irish government’s renewable energy ambitions, and we’re delighted to join Paul and the team as a funding partner to help enable its success.”

Upstream ABL is Northern Ireland’s only independent provider of Structured ABL finance solutions, providing ambitious, asset-rich businesses across the UK and Ireland with access to the dynamic funding they need to fund new projects, acquisitions, and financial restructuring to drive growth and scale.
 
“Our partnership marks a new and exciting development for Upstream ABL, and we look forward to exploring further opportunities in a sector which is supporting the Government target to produce 80% of all energy sustainably and through renewables sources by 2030,” John said.
  
Welcoming the partnership, Strategic Power Group finance director, Iain Lees, said:
 
“We are delighted to be working with Upstream ABL on this exciting pipeline of projects which helps to unlock an important opportunity to support the Republic of Ireland and Northern Ireland increase energy security, contribute to their renewable energy targets, and support economic growth and jobs.

“Developments such as Swordlestown are not only essential to meeting renewable energy goals, but also to achieving the wider goal of decarbonising the economy in Ireland in line with the Climate Action Plan.
 
“Strategic Power Group has grown substantially over the last five years which includes the successful development and sale of three major projects so far and a substantial pipeline still in development. Now that we are 100 percent locally owned by the management team, we’re excited that Upstream ABL has joined us in this important sustainability journey.”
 
Established by Judith Totten MBE in 2011, Upstream has already built a reputation for flexibility and agility in providing tailored funding solutions. It guarantees all businesses access to an experienced, local decision-maker who understands the importance of swift and clear feedback, coupled with guidance and direction in structuring the most appropriate funding facility for now and into the future.