acquires two leading renewable installers and secures first debt facility from funds and accounts managed by BlackRock
Summary
None Hometree, the challenger residential energy services company backed by Legal & General, has secured its first debt facility from funds and accounts managed by BlackRock None The facility will be used to fund acquisitions of renewable energy installers, helping Hometree to become the first choice for homeowners looking to decarbonise their home None Hometree has acquired two renewable installation companies with combined \xa315m revenues: GeoWarmth Heat Pumps and The Little Green Energy Company, as it accelerates its ambition to lead the home decarbonisation revolutionHometree, the fast-growing residential energy services company, has secured its first debt facility from funds and accounts managed by BlackRock, as a key step on its mission to support the decarbonisation of millions of homes across the UK. The facility will be used to acquire renewable energy installation businesses and support Hometrees move to offer a whole of life solution. It now has over 100,000 customers who rely on Hometree to keep their homes running smoothly with emergency heating, plumbing, electrical repairs and maintenance plans, which are delivered by its nationwide network of over 5,000 multi-trade engineers and installers. Meanwhile, the acquisitions will enable Hometree to bolster its engineering force and re-train more of its 5,000 engineers to be able to install, repair and maintain renewables a key consideration given that reports have suggested that the country needs 30,000 heat pump installers to meet its ambitious targets.Hometree Founder & CEO Simon Phelan said: To be able to secure financing from BlackRock to support our M&A program is a fantastic boost and shows were on the right track towards achieving our ultimate aim of building Europes leading residential energy services company. If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and were committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet.Tim Fenwick, Director at BlackRock Venture & Growth Lending, said: This new debt facility will support the company in scaling up its plan to manage all aspects of sustainable homeownership and give our clients exposure to an innovative, growing business.John Withers, CEO of Geowarmth said: Im immensely proud of the progress we have made in the past 17 years to become a recognised installer of low-carbon energy solutions.