Lightsource has completed a £284 million (US$432 million) refinancing of a portfolio of 33 operational, ground-mounted solar projects in the UK.
The 101-megawatt portfolio enjoys 20-25 year fixed income tariffs under the UK Government’s Feed in Tariff subsidy regime.
The transaction represents Lightsource’s first move into the institutional market, completing the first ever sterling, benchmark-size solar bond and the largest sterling renewables bond. M&G Investments provided £247 million of 22-year inflation linked finance with AMP Capital providing a £37 million 8-year mezzanine facility. Light Source was advised by the Royal Bank of Scotland.