£54.4 Million Photo Voltaic Refinancing Deal Approved for Lightsource and Octopus

The well known solar projects developers Lightsource Renewable Energy and Octopus Investments have just closed a deal, securing a £54.4 million refinancing package in order to build six solar parks, capable of generating 23 MW of solar power combined.

These solar parks will be built across the South East and West of England in the following locations: Wilburton (5.0MW), Howton (5.0MW), Hawton (4.9MW), Marston (4.5MW), Benbole (1.7MW) and Sandhill (1.9MW).

There were two major Banks from Holland and Scotland involved in the refinancing deal in amount of  £54.4 million, we are talking here about the Dutch bank NIBC and the Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB),the latter one contributed with  £37.4 million.

With this new deal, the Royal Bank of Scotland is expanding its presence in the United Kingdom solar market. Until now, they financed 50 MW of solar capacity and this latest investment represents the third completed solar transaction in the last year or so, good news for the solar industry, don't you think? Let's hope this is not the new bubble...

He have a statement from Mr. Andrew Buglass, the Chief of Energy,Structured Finance at Royal Bank of Scotland:

“We are delighted to support this project which represents a significant deal for Royal Bank of Scotland, and further endorses the expertise of our team. We have a pipeline of deals in the project finance UK solar space that we are currently working on. While we continue to see refinancing opportunities under the feed-in tariff regime the majority of current opportunities are larger scale projects under the Renewables Obligation.” 

Also, from Lightsource, Mr. Nick Boyle, the company CEO told us:

 “We are delighted to have received this funding package from RBS and NIBC, which is another fantastic milestone for Lightsource and which will hopefully lead to many more similar financings for our solar development portfolio.”

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http://www.solar-energy.co.uk/