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Virgin Money helps South Yorkshire customer Advanced Engineering Techniques Ltd make substantial energy savings

Virgin Money’s Yorkshire and North East Strategic Finance team has funded Advanced Engineering Techniques Ltd (AET) purchase of solar panels by way of an asset backed facility for their 65,000 square foot manufacturing facility in Sheffield.

Founded in 1989 AET are one of the leading subcontract engineering companies in the North of England. Operating across a variety of sectors including renewable energy, aerial platforms, agricultural equipment, transport, and construction. They have been a Virgin Money customer since 2002.

AET worked with Sheffield based Navitas Solar on the installation on its Holbrook site. The new solar install has the potential to generate 277,238 kWh of energy per annum which represents approximately 19% of their daytime power usage reducing their carbon footprint by 157,471.6 Kg of CO2 per year, which equates to, driving 708,619 miles or removing the total CO2 generated by 28 people in an average UK household.

The entire system is estimated to have a useful life of 20 years showcasing the company’s long-term commitment to a low carbon future.

David Stocks, Financial Controller, Advanced Engineering Techniques said: “The driving factor behind the project has been to secure a fixed cost source of electricity for the future following the volatility in energy markets. It also reduces the climate impact of the work the company undertakes which is becoming increasingly important to our customers. It will be amazing to think that we are now capable of producing our own power for our machinery”.

Jonathan Fletcher, Relationship Manager at Virgin Money said: “We are committed to helping businesses like AET as they continue to grow and thrive. As one of the UK’s largest banks, we know we have an important role to play in facilitating the country’s transition to a low-carbon economy and we’re passionate about offering products and services that help businesses as they transition to a more sustainable model. It was great to get the deal approved and completed within a very short timeframe and we’re looking forward to building on the great relationship we have with everyone at AET in the future.