Octopus Energy Investments, one of the largest owners of solar assets in the UK, has secured what it claims to be Europe’s largest solar PV refinancing deal.

The investor has refinanced a 522MW portfolio of UK-based solar assets for a total of £484 million, replacing its previous £400 million bridge facility.

And the company has lauded a number of innovative features included within the package.

The medium tenor senior secured financing has been provided by six banks, namely Banca IMI, Barclays, BNP Paribas, La Caixa, Royal bank of Scotland and Santander Global Corporate banking. All parties acted as mandated lead arrangers.

Matt Setchell, head of Octopus Energy Investments, said he was “proud” of his team to have delivered another “landmark transaction” in UK solar.

Of the innovative financing features, Octopus made special mention of a “flexible rolling power offtake strategy” which has replaced long term power purchase agreements usually required  by banks for refinancing packages.

“This deal has further strengthened our relationships with a group of experienced renewables lenders and bolstered our in-house expertise. Financial innovation such as this will accelerate the transition to the clean energy system of the future, something we’re committed to continue to lead on,” Setchell added.

Octopus was advised by both RBS and Linklaters, while the lending parties were advised by Sgurr, Ashurst and Operis.

Representatives from Octopus will be present and speaking at next week’s Managing European Solar Assets conference in London. Tickets are still available and can be here.