The loan package from Barclays and the Export and Investment Fund of Denmark (EIFO) will be used to build its UK government-backed 15MW HyMarnham joint project with JG Pears.

The package, which includes a £16.5m ($22.2m) guarantee from EIFO, marks the Danish state-owned financial institution’s “first” international Power-to-X guarantee.

“The UK has been our single largest market for years thanks to our involvement in offshore wind, and we now see a clear opportunity to expand our role in green hydrogen,” said EIFO Chief Commercial Officer, Peter Boeskov.

HyMarnham, which is due online in November, will receive revenue subsidies under the government’s Hydrogen Allocation Round 1 scheme to produce green hydrogen in the East Midlands to fuel GeoPura fuel cell power units.

Barclays’ Head of Sustainable and Transition Finance, Daniel Hanna, said the transaction with EIFO would allow the bank to bring “even more scale and confidence” to UK green hydrogen.

The financing will also support GeoPura in setting up its Danish subsidiary, which will act as a “hub for electrolyser support” following the acquisition of assets and staff from GHS.

GeoPura currently operates GHS electrolysers and is set to install them at the HyMarnham plant.

CEO Andrew Cunningham explained the financing deal was vital to the development of clean energy more broadly.

“Without this kind of proactive cooperation that enables the funding of debt finance, it’s difficult to see how clean energy transition at scale happens,” he said.

This latest deal comes after the firm secured £22m ($29.6m) in asset-backed debt funding to support the manufacturing and deployment of its hydrogen power units.

Cunningham previously told H2 View debt financing could unlock profitability in the clean hydrogen sector.