Armstrong Energy Income has secured almost £30 million in financing for its portfolio rooftop solar installations.
The investment consists of £29.5 million in UK listed asset backed security notes, which are linked to the retail price index. The notes, which are to be listed on the London Stock Exchange, have been placed with institutional investors and secured on more than 2,300 rooftop installations across the UK. These include commercial, domestic and social housing roofs with a total generation capacity of 11.9MWp.
Steve Mahon, director of Armstrong Energy Income, said: “This investment demonstrates the investment-grade quality of our assets whilst also enhancing equity returns. Our portfolio has excellent diversification of income streams and provides investors with a high level of index-linked income in a structure suitable for investors wanting to benefit from Business Property Relief or through a SIPP (self-invested personal pension).”
The structuring of the listed notes was arranged by IDCM, which was also responsible for the successful placement of the notes with institutional investors. Executive director Jean-Christophe Oberto said: “We are delighted to have worked with Armstrong Energy on this transaction which represents a new milestone achievement for the solar debt financing market.”
