Octopus Investments has expanded the £484m solar portfolio refinancing it closed earlier this year, further expanding the biggest deal of its kind in the European solar sector.
An additional 100MW of solar assets have been brought into the portfolio with the financing increasing by £80m taking the total facility size to £564m. The portfolio now contains 622MW of solar assets.
The new financing has been provided by banks that were already part of the group’s investment syndicate, which currently comprises 9 lenders: Banca IMI, Barclays, BNP Paribas, CaixaBank, The Royal Bank of Scotland (RBS), SMBC, AIB, Sabadell and Santander Global Corporate Banking.
Matt Setchell, head of energy investments at Octopus said: “Once again the Octopus team has delivered a landmark transaction in the renewable energy sector, pushing the boundaries of our industry by making Europe’s largest solar PV refinancing even bigger. Our asset management team has delivered on expectations with high quality reporting to a group of experienced lenders. They are impressed with the results and followed up just six months after the original deal with more funding.”
Alejandro Ciruelos, head of project and infrastructure finance at Santander Global Corporate Banking, commented: “We are delighted to continue supporting Octopus’ strategy in the European renewable energy market. This transaction is a great addition to Octopus’ existing platform and an innovative solution that incorporates unique features that allows them to raise project finance debt in a cost efficient, flexible and timely manner.”
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