Lightsource bp and Octopus Investment Secure £76m Refinancing from Barclays
Octopus and Lightsource bp have closed the project refinancing of solar portfolio, securing £76m from Barclays
Octopus Investments (“Octopus”) and Lightsource Renewable Energy (“Lightsource”) have closed the project refinancing of a portfolio of solar farms managed by Octopus, with a total installed capacity of 76.4 megawatts. Barclays provided the £76m term facility.
These projects are among the largest solar photovoltaic systems that supply power into the UK national grid. Octopus originally acquired the solar farms from Lightsource in April 2014, and subsequently engaged Lightsource to advise on the senior debt refinancing.
The solar farms in the portfolio have been built under the Renewables Obligation (RO) subsidy regime, and include Abbots Ripton (24.7MW), Mingay Farm (19.3MW) and Ermine Street (32.4MW). This transaction represents the first refinancing between Octopus and Barclays and provides encouraging signs for future large-scale debt refinancings in the UK solar market.
Barclays acted as sole mandated lead arranger on this transaction. The bank has a growing presence in the UK solar market, having funded in excess of c.200MW over the last three years. The refinancing included a long term Power Purchase Agreement (PPA) signed with npower.
Paul McCartie, Structured Finance Director at Lightsource, said: “The trust and support we have garnered in recent years from key financial institutions like Barclays has allowed us to grow and develop into the leading solar energy portfolio holder in the UK. 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.”
Giuseppe La Loggia, Portfolio Director at Octopus Investments, said: “The support we have received from Barclays has been outstanding. The portfolio contains high quality assets and it’s great to have Barclays’ backing as we continue to invest in solar on behalf of our investors and look to realise returns for them. There remains a significant opportunity for further growth in the UK solar market and we are delighted that Barclays is lending its support to us and the solar industry as a whole. We look forward to developing our relationship with them.”
Neil Fleming, Director of Infrastructure and Project Finance, Barclays, said: “Octopus and Lightsource are leading the way in the UK solar market so it is only natural that we would look to support them in achieving their ambitions. 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.”
Jodie Eaton, Director npower Business Solutions, said: “We are delighted to have signed this long term Power Purchase Arrangement with Octopus and Lightsource, one of the leading solar developers in the UK. One of our key aims is to become the partner of choice when it comes to providing support for renewable projects, further demonstrating our commitment to sourcing renewable power for our business customers.”
News
05 Jul, 2024
Sharing knowledge and charting the path for the future of solar – Lightsource bp Q2 2024 events wrap up
Lightsource bp’s teams have been on the road throughout the second quarter of 2024, take a look at what they've been up too.
03 Jul, 2024
Zosia Riesner discusses Lightsource bp’s partnerships and shares power market insights on NPM Europe’s podcast
Zosia Riesner, Lightsource bp Director of Power Markets for Europe, appeared on the Interconnections podcast to share insights on the continent’s power market.
28 Jun, 2024
Lightsource bp global legal team ‘Highly Commended’ at The Lawyer Awards 2024
Lightsource bp’s global legal team was highly commended for ‘In-house commerce and industry team of the year’ at The Lawyer Awards 2024.
28 Jun, 2024
How artificial intelligence (AI) is helping Lightsource bp enhance its operations
We are increasingly using AI to help us work smarter and find solutions to overcome significant challenges.
25 Jun, 2024
Netherlands: Championing sustainable energy, biodiversity and agrivoltaics in partnership with the British Embassy
Lightsource bp Netherlands partnered with the British Embassy to celebrate King Charles III's Birthday, while promoting the benefits of agrivoltaics.
21 Jun, 2024
European Solar Day: Celebrating the solar opportunity
The longest day of 2024 in the Northern Hemisphere is 21 June, it also marks European Solar Day, an annual celebration marking the power and potential of the sun.
20 Jun, 2024
Lightsource bp publishes 2023 Sustainability Report
Lightsource bp, a global leader in solar development, is pleased to publish its 2023 Sustainability Report.
07 Jun, 2024
Spain: Agrivoltaics workshop held in partnership with the Fraunhofer Institute for Solar Energy
Lightsource bp is ramping up its capabilities to deliver important agrivoltaics projects to support sustainable farming businesses.
24 May, 2024
Spain: Collaboration on research project to study Lesser Kestrel habitats
Lightsource bp collaborates with CSIC on research project to study Lesser Kestrel habitat use in Spain.
16 May, 2024
Raising the bar for agriculture and solar
In the heart of central France, Lightsource bp is working with a local cattle farmer to develop plans for a new form of agrivoltaic project.