Future looks bright for solar energy company as it secures loan
A solar energy firm has invested in stock and people following a loan from Business Enterprise Fund (BEF) and NPIF – BEF & FFE Microfinance, which is managed by BEF and FFE Microfinance, and part of the Northern Powerhouse Investment Fund.
Leeds-based Solec Energy Solutions, owned by husband and wife team Robert and Gaye Wilmot, was established in Leeds in 2011.
The company specialises in the design, supply and installation of renewable energy systems for homes and businesses.
Founded by electrician Robert, the company provides solutions on Solar PV & Electrical Energy Storage Systems (EESS), Heat Pump installations, LED lighting and energy saving controls.
The £50,000 loan has been used as working capital and staff investment.
Gaye Wilmot, sales and marketing director at Solec Energy Solutions, said: “When we first launched there was a steady uptake in renewable energy systems – Robert was amongst the first solar installers in Leeds with electrician credentials which gave people additional peace of mind when moving to a different energy source.
“At the time there was a range of subsidies available for both residential and commercial properties which meant business was booming.
“As business interest in environmental, social and corporate governance (ESG) has increased in recent years, the market has certainly picked up but Government support for the sector has been inconsistent.
“The Feed-in Tariff for Solar closed in 2019 and different schemes to encourage the switch to renewable heat have come and gone without addressing the skills shortage of young engineers needed to install the technology.
“Various global issues in recent years have also greatly impacted the supply chain.
“Thanks to the BEF NPIF loan our new offices, with a small warehouse space, have allowed us to start buying stock upfront, allowing us to be ready to install for customer’s orders rather than leaving them with a long waiting period.”
As well as enabling Solec Energy Solutions to invest in stock, the loan has also helped the company create and safeguard jobs.
Robert Wilmot, added: “I trained as an apprentice electrician at the start of my career, so it’s always been important for me to create the same opportunities for people who want to join our industry.
“Thanks to the loan from BEF we’ve been able to take on a new apprentice to bolster the team.
“There are five of us in total now as well as a reliable group of sub-contractors meaning we’re well equipped in terms of both staff and stock to support our customers through their renewable energy journey.”
Mark Iley, investment manager at BEF, said: “Robert and Gaye have a strong vision for Solec Energy Solutions, and with their renewable energy systems, they’re initiating a positive impact when it comes to ESG which we’re proud to support.
“As a family-run business they’re also creating job and training opportunities in the local area in an increasingly important industry, we’re looking forward to seeing the business go from strength-to-strength.
Debbie Sorby, senior investment manager at British Business Bank, said: “Solec Energy Solutions is an excellent example of entrepreneurial innovation within the renewable energy sector.
“The business’s contributions to the reduction of carbon emissions and the promotion of sustainable energy solutions aligns with the increasing consumer demand for environmentally conscious products and services.
“The NPIF investment has not only supported the company’s working capital needs and staff investments but has also empowered them to adapt to changing market dynamics, contributing towards a more sustainable future.”
