British Solar Renewables Obtains £40m Construction Financing for PV Projects
- Published: Friday, 28 February 2014 09:39
The UK’s largest integrated solar company, British Solar Renewables announces a £40 million construction financing. The financing has been arranged and underwritten by Venn Partners, the specialist private credit investment manager. The financing relates to the delivery of 42 MW of Solar PV projects across four UK sites.
British Solar Renewables in-house EPC are taking the lead with site planning, design and construction and their subsidiary Renewable Energy Connections linking them to the National Grid. The new solar parks are located in Devon, Somerset and Wiltshire and will be constructed by 31st March 2014 to meet the 1.6 ROC deadline. In line with their on-going strategy, British Solar Renewables identified these strategic sites for their proximity to grid connections, use of poor quality land and their unobtrusive impact on local residents. All four projects are fully compliant with UK Solar Trade Association’s guidelines for the siting and development of large scale arrays.
Jonathan Freeland, Partner, Venn Partners:
"We are delighted to be working with British Solar Renewables, one of the leading integrated solar players in the UK and supporting them in achieving their near term development objectives. We are impressed by their track record in successful project development and we look forward to establishing a long term partnership with them. This is our first commitment into the UK solar market and is in line with our strategy to provide our investment partners and borrowers with flexible alternative financing solutions to traditional bank channels in asset based markets. We anticipate further investment opportunity to arise in UK Solar as the financing market matures and the subsidy environment evolves further."
Angus McDonald, Managing Director, British Solar Renewables:
"The addition of further development funding enables British Solar Renewables to achieve the group’s goal of delivering 120+ MW in the six months to March 2014. The Company has in place a funding platform, including our new funding partners to allow significant delivery of solar development over the course of 2014."
British Solar Renewables were advised by King & Wood Mallesons and Venn Partners by Watson, Farley & Williams.