Lightsource Renewable Energy and Investec Bank have announced the refinancing of four solar farms with a total capacity of 38MW across the UK.
The companies claim that the £30 million deal represents the largest Renewable Obligation solar farm project financing in the UK to date.
The four solar farms are located across the South and South East of England at Chalcroft (6.3MW), Chediston Hall (12.4MW), Lexham (7.9MW) and Burntstalks (11.5MW).
Commenting on the deal, Paul McCartie, structured finance director of Lightsource said: “Investec has proven to be an exceptional, supportive partner and we look forward to strengthening our partnership with future deals.
“A report released by the government earlier this year, confirms the UK is leading the way in emerging low carbon sectors. This and other indicators, make it very clear that the green economy is one of the main sources of growth for the UK.”
Investec has steadily grown its presence in the UK solar market, with funding in place for more than 80MW to date. Olivier Fricot, head of power and renewables lending at Investec, said: “Investec supported Lightsource in its first ROC based project financing. This transaction represents a significant deal for us, and further endorses the expertise of our team in the UK renewables sector.
“We are seeing significant opportunities in large-scale PV projects under the Renewables Obligation, which we are currently pursuing alongside other renewable technologies, such as wind or biomass.”
