The portfolio comprises five assets built or under construction, with a combined solar generation of 132GWh annually. Image: British Solar Renewables.

British Solar Renewables (BSR) has closed its first portfolio financing. The facility is financed by Commonwealth Bank of Australia and Lloyds Bank.

The portfolio comprises five assets built or under construction in the UK and Australia, with a combined solar generation of 132GWh annually. They will benefit from contracted revenues earned from AR5 of Contracts for Difference (CfD) utility and corporate PPAs.

BSR will deliver, build, own and operate its pipeline of projects as well as deliver O&M and asset management. In July 2022, BSR was acquired by ICG Infrastructure.

ICG’s Paul Leveque, associate director of infrastructure equity, said: “We are thrilled to see BSR secure a new debt facility to support the development of renewable projects across the UK and Australia. As the majority shareholder, we are proud to be part of the energy transition and support their efforts towards a sustainable future.”

Michael Ozersky, BSR’s CIO, added: “I’m very proud of this significant milestone as we continue to grow, build long term relationships with key stakeholders and create value for our shareholders.”

Last week, BSR was granted planning permission for a solar project in Essex, marking the third to be approved this year. It had to resubmit applications for both the Essex project and one in West Oxfordshire to make them more compatible with the local environment.

All of its solar parks will be managed for biodiversity. Reflecting the developer’s focus on ecological enhancement, BSR has been working with the Bumblebee Conservation Trust in Somerset as part of their S.O.S (Save Our Shrills) initiative that seeks to encourage the Shrill Carder bee and other pollinators to ‘thrive’ on its solar park.

James Taylor, head of infrastructure and project finance at Lloyds Bank, said: “We’re pleased to build on our strong relationship with ICG, and proud to support British Solar Renewables with a financing platform to unlock their pipeline of renewable assets.

“We’re impressed by BSR’s commitment to contribute to the UK’s transition to net zero; their aims align perfectly with ours, and we look forward to strengthening our partnership with them at this exciting point in their journey.”