Pathfinder Clean Energy secures £86M convertible bond from RGreen Invest's INFRAGREEN V
What's the deal? Pathfinder Clean EnergyDealroom has a profile for this one. Try Dealroom → (PACE), a UK solar PV and energy storage developer, has secured an £86 million (€100 million) convertible bond investment.
The financing came from INFRAGREEN V, an infrastructure fund managed by RGREEN INVESTDealroom has a profile for this one. Try Dealroom →, which led the round alongside InfraGreen V.
The money will help PACE shift into owning and operating clean infrastructure, funding construction of a nearly 400MW solar PV and 200MW-plus battery energy storage system (BESS) portfolio.
Why now? The deal builds on a partnership the two firms struck in June 2025.
PACE has eight projects totalling 250MWp that have secured Contracts for Difference through the latest Allocation Round 7. Most of the proceeds will go towards building these co-located solar and storage assets over the next two years.
What could go wrong? PACE is taking on a large construction programme spanning a 3GW pipeline across the UK and international markets.
Delivering at that scale depends on its in-house engineering and asset management team executing on schedule, with construction risk and grid connection delays common across the sector.
"The UK's clean infrastructure ambitions are substantial, and PACE's permitted pipeline, experienced team and extensive construction programme puts us in an exceptional position to navigate delivery," said Rob Denman, managing director at PACE.
The signal: The repeat backing from RGREEN INVEST, an investment fund that first partnered with PACE in June 2025, signals growing investor conviction in co-location strategies that pair solar with storage to smooth intermittent generation and lift returns. For a breakout-stage developer, the convertible bond marks a deliberate shift from pure development into owning and operating clean infrastructure, with its push into clean data centre projects pointing to the converging energy and digital sectors as power-hungry infrastructure turns to renewables.
Image credit: Pathfinder Clean Energy
