Custom Solar secures £4.8m funding boost from Virgin Money

Custom Solar secures £4.8m funding boost from Virgin Money

Published: 19 Nov 2021, 11:50

Custom Solar installed 6.5MW of solar capacity on the Port of Hull. Image: Custom Solar.

Commercial rooftop solar company Custom Solar has secured £4.8 million in new lending from Virgin Money.

The company – which specialises in the design, development, installation and maintenance of rooftop PV systems – will use the financing to accelerate its growth ambitions.

Gary Sucharewycz, chief executive officer of Custom Solar, said the company was “extremely pleased” with the facility in place thanks to the Virgin Money funding.

“This will support and accelerate our ever-growing 200MW pipeline of solar projects that the company is securing. We wanted to match our growth and ambition for the future with a tangible financial facility that will accelerate our ability to complete projects at an expedient rate. This will not only be a benefit to our clientele but to our planet.”

The funding follows the Chesterfield-based business completing what it says in the largest rooftop commercial installation in the UK, with the 21,000 solar panel installation at the Port of Hull.

The 6.5MW installation was announced in January 2020 by Associated British Ports, following Custom Solar winning a tender from ABP to help roll out solar projects across three years in 2017.

Custom Solar additionally scored highly on Virgin Money’s Sustainable Business Coach, an app that helps businesses be more sustainable.

“Renewable energy is a vital part of our energy sources and we want to support sustainable organisations to help them grow and thrive,” said David Burgess, director, business network, at Virgin Money.

“Custom Solar has been on quite a journey since its inception, with notable commercial projects that have demonstrated what the team is capable of. We are looking forward to working with the business as it accelerates its growth strategy, offering the financial backing it needs to deliver and exceed its customers’ expectations.”

Custom Solar was advised by BHP Corporate Finance.

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