Low Carbon raises £106m in UK solar refinancing deal
LONDON, May 27, 2015 – Low Carbon, the leading renewable energy investor, is pleased to announce the completion of its £106 million refinancing deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS) for part of its existing portfolio of operational UK solar parks.
The refinancing deal includes a combination of RPI-linked and fixed-rate debt. The deal enables Low Carbon to continue its momentum in driving scale in the development of clean, renewable energy.
With a strong track record in funding and managing solar assets, Low Carbon has developed one of the largest portfolios of solar parks across the UK, with over 270MW funded and in operation today. The twelve solar parks refinanced in this deal were developed and constructed under the stewardship of Low Carbon and have been in operation for at least one year. Operated under the UK’s Feed-in Tariff (FiT) and Renewables Obligation (RO) subsidy regimes by Low Carbon, the solar parks generate a total of 99.2MW in renewable energy – enough to power approximately 29,800 homes and save more than 47,200 tonnes of CO2 per year.
Juan Martin Alfonso, Chief Financial Officer, Low Carbon said: “We are delighted to announce this multi-asset refinancing deal. 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.”
Roy Bedlow, Chief Executive and Co-Founder, Low Carbon added: “Appetite for renewable energy investments is continuing to grow, as investors seek sustainable options which still deliver high returns. The scale of this deal underlines the growing trend towards more sustainable investments which we are seeing in the market today.”
About Low Carbon
Low Carbon is a privately owned investment company committed to the development and operation of renewable energy power production. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar, wind, anaerobic digestion and concentrated solar power. Low Carbon has a strong management team with a proven track record in the development, construction, financing and management of renewable energy assets. For UK solar alone, Low Carbon has funded and is operating more than 270MW. Low Carbon remains involved in the projects for the long term with a dedicated asset management team that currently manages assets on balance sheet and for third parties (unlisted and listed).