£125k Paragon finance package expands fleet with electric excavators

Paragon Bank’s SME Lending division has provided a £125,000 funding package to support Essex-based ACTiVE Plant Hire’s purchase of two electric excavators, highlighting the increasing interest from the construction industry in green assets.

ACTiVE Plant Hire, located in Upminster, purchased two Takeuchi electric excavators to add to its fleet of equipment. The Takeuchi fully electric excavators are the first fully electric machines in ACTiVE Plant Hire’s fleet and form part of a long-term rental agreement with a large infrastructure provider.

The electric machines can be used for approximately eight hours at an 80% load, before they need to be recharged, and runs at the same capacity as the TB215 diesel model. 

ACTiVE Plant Hire is a machinery rental provider offering a range of different plant equipment, including excavators, tippers and articulated vehicles, as well as the option of self-drive or operated machinery.

This deal was led on behalf of Paragon’s SME Lending division by Peter Pike, Business Development Director in the Vendor team, headed by Terry Lloyd.

ACTiVE Plant Hire Managing Director Jerry O’Donovan commented: “We’re pleased that we have been able to acquire two new Takeuchi electric excavators to add to our fleet. We’ve worked with Paragon for many years and are delighted that they have been able to fund these green assets, supporting us and our client that will be using them.”

Paragon Bank SME Lending Division Business Development Director Peter Pike added: “It’s been brilliant to work on another asset finance deal with Jerry and the ACTiVE Plant Hire team to acquire two new electric excavators.

“We’re starting to see more interest from the construction industry in green assets and we’re pleased to be able to fund these and support companies with their ESG commitments.”