Triodos Bank has been identified as the top financial institution for financing green energy projects, according to recent analysis. The European bank, with its headquarters in Bristol, took the lead in the study by participating in 140 deals in 2022, totaling approximately half a billion US dollars (£406m).
The projects that Triodos Bank supported encompassed various renewable energy sources such as onshore wind, solar, and hydro, as well as projects related to electric vehicle (EV) charging, battery storage, and energy efficiency.
Some noteworthy transactions during the year included backing the construction of the largest solar thermal park in the Netherlands, investing in UK community energy and e-bike infrastructure projects, and financing photovoltaic solar plants in Spain.
The report, produced by independent analyst Clean Energy Pipeline, aims to highlight the top lead arrangers in the clean energy sector by emphasizing the number of deals banks participate in and the total value of renewable energy project finance.
Jacco Minnaar, the chief commercial officer at Triodos Bank, emphasized the role that financial institutions, such as banks, play in transitioning to a low-carbon and energy-efficient future. Triodos Bank has been financing renewable energy projects for over 40 years, starting with the first wind turbine in the Netherlands in 1986.
The bank’s focus has since expanded beyond wind energy to include a range of renewable and environmental sectors. Triodos Bank also supports decentralised and non-mainstream projects, including rooftop solar installations, geothermal energy, energy storage, and energy efficiency initiatives. Their focus on small and mid-sized, often community-based projects sets them apart from other financial institutions.
Triodos Bank reported a rise in profits and customer numbers in the UK, despite challenging economic conditions that impacted investment plans. In the last year, the bank’s UK arm generated a profit after tax of £9.2m, while the number of UK customers increased by 3.5% to around 90,000, and customer deposits rose by 2.1% to £1.6bn.
Sources: Clean Energy Pipeline
Definitions: Onshore wind – wind farms located on land, Solar thermal park – a facility that uses mirrors to concentrate the sun’s energy to produce heat, Photovoltaic – technology that converts sunlight into electricity, Geothermal energy – heat from the Earth’s core that can be used for heating and electricity production.