Canadian Solar refinances UK portfolio

Solar company Canadian Solar has refinanced 10 solar assets in the UK through NatWest.

The portfolio – which has a combined generation capacity of 50MW – has been refinanced via a non-recourse term loan with an 18.7-year duration.

Gross proceeds of the refinancing are £49.3 million, part of which will be used to repay a construction loan worth £28.1 million.

Shawn Qu, chairman and CEO at Canadian Solar, said the developer was pleased to work with the bank.

“This transaction demonstrates yet again the quality and bankability of our solar power projects,” he said.

Meanwhile Kevin Maddick of NatWest’s structured finance team said the deal reinforced the bank’s position as a “leading funder to the UK solar sector”.

Earlier this year Russian energy giant Gazprom signed a long-term PPA with Canadian Solar which will see it purchase all electricity generated from the developer’s existing UK portfolio.