£50,000 To Power Growth Of Renewable Energy Firm

Renewable energy specialists Green Heat Wales are expanding their range of services to meet the growing demand for solar, biomass and heat pump energy generation.

A £50,000 micro loan from the Development Bank of Wales will be used as working capital to help finance the purchase of additional stock and support cashflow.

Established by James Portsmouth in 2009, Green Heat Wales has showrooms in Tongwynlais and Brecon. Live products on show include Solar PV, pellet boilers, wood burning stoves and thermal storage. Led by James as Managing Director along with Directors Benjamin Cloke and Nathan Pring, the six strong team also provides traditional plumbing and heating services including boiler and bathroom installation. 

Director James Portsmouth is a returning customer of the Development Bank. He said: “We are absolutely focussed on helping our customers to lower their carbon footprint and reduce their fuel bills. Our team is trained in all types of renewable energy as well as conventional plumbing so can advise on the integration of new technologies in existing properties with minimum fuss.

“Our aim is to provide advice on the supply, installation and commissioning of renewable energy systems throughout Wales for both domestic and commercial customers. Sufficient working capital is essential to being able to keep up with demand so we’re grateful to the Development Bank for stepping in so quickly. Their finance will help us to scale up and expand knowing that we have the cashflow to invest in stock ready for installation.”

Kelly Jones is a Portfolio Executive with the Development Bank of Wales She said: “It’s really important to us that we are supporting our customers, sustainable growth and the transition to a strong green Welsh economy. We want the best for Wales which is why we’re providing capital  for businesses like Green Heat Wales that are delivering green services and products for the people of Wales.”

The loan came from the £204 million Wales Business Fund which is  financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.