London-based investment fund, Low Carbon has announced that it has completed a £106 million refinancing deal for 12 of its operating UK solar farm assets with Macquarie Infrastructure Debt Investment Solutions.

The 12 solar farms total 99.2MW of capacity and the agreement includes a combination of RPI-linked and fixed-rate debt. Low Carbon claims that the deal will help enable it to continue to develop renewable energy assets.

Roy Bedlow, chief executive of Low Carbon said that the multi-million deal was evidence of the growing appetite for renewable energy investments. He added: “The scale of this deal underlines the growing trend towards more sustainable investments which we are seeing in the market today.”

Juan Martin Alfonso, chief financial officer at Low Carbon added: “This transaction ensures the alignment of long-term institutional funding to our operational assets capital structure, taking scale with flexible portfolio terms, and further capital to finance future projects into account. The deal will allow us to support our ambition to strengthen the UK’s supply of renewable energy.”

All 12 of the solar farms refinanced under the deal have been in operation for over a year. Low Carbon estimates that the dozen power plants are capable of generating enough renewable energy to power around 29,800 homes, negating the emission of 47,200 tonnes of CO2 per year.