London-based solar developer, Lightsource Renewable Energy has closed the project refinancing of four solar farms totalling 44MW of capacity.

The UK’s largest operator of PV assets has closed a deal worth £27 million with Investec. The bank will provide the entire £27 million term facility for the refinancing of the four solar farms. The projects range in size from 9.1MW to 12MW.

The deal means that Investec has now funded over 100MW of Lightsource projects in the UK, and more than 200MW of UK solar in total. Lightsource claims that it currently has in excess of 600MW of operating PV capacity across 250 UK sites.

Commenting on the deal, Paul McCartie, structured finance director at Lightsource, said: “Refinancing is an essential element in allowing companies within the solar industry to grow and develop. The industry has come a long way in a very short amount of time and there are still many opportunities for solar to grow even further in the UK.”

Olivier Fricot, head of Power and Renewables Lending at Investec, added that the bank is looking forward to continuing its “strong partnership” with Lightsource in the future. Fricot said that the bank “continues to see significant opportunities in the photovoltaic sector” in addition to other renewables such as wind and biomass.