Solar farm developer Lightsource Renewable Energy has closed the project refinancing of four solar farms totalling 21MW.

The entire term facility for the solar farms was provided by Dutch merchant bank NIBC Bank N.V (NIBC), in a deal worth £17.4 million.

The four solar farms are located across the south of England and have all been built under the Renewable Obligation scheme.

The refinancing deal is the second time the companies have worked together, after acting as the co-mandated lead arranger with RBS on a portfolio of six PV arrays built under the feed-in tariff.   

Commenting on the funding package, Paul McCartie, structured finance director at Lightsource, said: “We are delighted to be able to work with NIBC again, reiterating the economic growth of the solar power market.

“Transactions like this will become the norm as the predictable investment return that solar power provides proves increasingly attractive. As our industry matures, we hope to see a significant uptake in solar power and perhaps the development of more independent power suppliers, bringing a competitive edge to the energy market”

Emma Haight, NIBC, reiterated the strength of solar PV as an investment, stating: “We continue to see significant opportunity in construction and operation stage solar projects under the RO regime, which we are currently pursuing alongside other renewable technologies, such as wind and biomass.”