Triodos Bank has provided £17.9 million of loans to two UK solar projects for Spanish developer Gamma Solutions. The funding comprises £15.1 million of project finance loans from Triodos Bank and £2.8 million of mezzanine loans from the Triodos Renewable Europe Fund (TREF).
Stokes Marsh and Stoneshill solar farms are located near Coulston in Wiltshire and Exeter in Devon. The ground-mounted solar projects have capacities of 15.1MWp and 5.0MWp, and were commissioned in March 2015 and March 2017.
The finance package will assist Gamma Solutions to consolidate its UK solar portfolio and release funds for new projects. Triodos Bank is collaborating with Gamma Solutions on the finance of further projects including a portfolio of rooftop solar projects in Spain.
Legal advisors for the transaction were TLT for Triodos Bank, Norton Rose Fulbright for Triodos Renewable Europe Fund and Michel Mores for Gamma Solutions. Technical Advisors were Green Cat Renewables and RINA Consulting.