Investment fund refinances 200 MW of UK projects set up under subsidy regime


The continuing attractiveness of U.K. renewable energy assets established under the previous, now-expired subsidy regime was underlined today as news emerged of the refinancing of a 200 MW portfolio.

London-based Cubico Sustainable Investments today announced a £258 million, 16-year credit line for 17 renewable energy projects with an additional £14 million reserve facility which could be used to finance additional generation capacity.

A statement released to announce the refinancing package said the funding relates to U.K. solar and onshore wind projects completed between 2013 and 2016 which have secured Renewables Obligation Certificate (ROC) accreditation or feed-in tariff payments.

pv magazine has approached Cubico for more details about the refinancing package, which will mature in 2035.

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The announcement by Cubico, which invests in renewable energy and water infrastructure, stated the funding had been secured on an open-ended basis, meaning it could be used to add further projects to the portfolio.

The investment fund said the lenders involved were National Australia Bank, Germany’s Siemens Financial Services and Landesbank Hessen-Thüringen, and Dutch giant ING.

Utility-scale solar experienced a boom in the U.K. under the subsidy regime but the market segment came to a shuddering halt when payments were drastically cut in early 2016.

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