Vortex refinances 365MW UK solar portfolio

Vortex has refinanced its 365MW UK solar portfolio just two months after it completed the purchase from ex-SunEdison yieldco TerraForm Power.

Vortex, managed by EFG Hermes’ private equity division, struck a £337 million refinancing package from a range of lenders, led by Santander and RBS.

Other finance providers included Allied Irish Bank, Banco Sabadell, Caixabank, Commonwealth Bank of Australia, ING and Natixis.

Vortex came to fame in UK solar circles at the start of the year when it announced that it had won the race to acquire the SunEdison-built portfolio of 24 operational solar farms. It paid a total of £470 million for the assets, beating a number of other interested parties in a multi-phased auction process.

The deal was first announced in January but only closed in May following a lengthy due diligence process.

The transaction propelled Vortex to near the top of the UK solar asset holder ranks, and EFG Hermes has since spoken of appetite for further deals.

Vortex was advised on the refinancing by Watson Farley & Williams.