Octopus concludes refinancing deal for three solar projects in UK

Octopus Investments has concluded project refinancing for 76.4MW of solar energy developments in the UK in co-ordination with Lightsource Renewable Energy.

Barclays has provided £76m term facility for the renewable energy portfolio.

The portfolio comprises of three solar power developments, namely the 24.7MW Abbots Ripton, 19.3MW Mingay Farm and 32.4MW Ermine Street projects.

The projects, which were previously owned by Lightsource, had been purchased by Octopus in April 2014.

Senior debt refinancing advice for the deal had been provided by Lightsource, which included a long-term power purchase agreement signed with npower.

Lightsource Renewable Energy structured finance director Paul McCartie said: "It is our ambition to achieve more than 1GW of installed capacity by March 2015 and refinancing is an essential component in helping us reach this important industry milestone.
"We look forward to working with Barclays in future on further financings."

Barclays director of infrastructure and project finance Neil Fleming said: "As a business, Barclays is a huge advocate of the UK market and is committed to assisting the transition to a low carbon economy and increasing the number of green jobs in the UK."

The projects had been constructed under the Renewables Obligation subsidy regime, and are parts of the largest solar photovoltaic (PV) systems which generate energy for the country’s national grid.