SPI Energy has secured a £1.5 million loan facility from Santander UK to refinance two of its UK solar farms with a combined capacity of 8.1MW.

The loan has been used for the 3MW Cairnhill development and the 5MW Thompson project and comes with a 10-year term, subject to customary restrictions and covenants.

Xiaofeng Peng, chairman and chief executive officer of SPI Energy, said: “We are very pleased to work with Santander UK for this first refinancing transaction, which demonstrates the bankability and quality of our solar farm projects, as well as our project financing capabilities in the UK solar market.”

Mark Cumbo, director of infrastructure & renewable energy at Santander UK, added: “We are delighted to have been given the opportunity to support the SPI management team throughout this process and to deliver a bespoke funding package that ultimately helps support their strategic plan and UK business.  We look forward to building on this success and partnering with SPI on future opportunities.”

Peng added that SPI expects to continue working with institutions like Santander UK to bring “a competitive edge” to the UK energy market.