Lightsource Renewable Energy Ltd., a London-based developer, gained a 54.4 million-pound ($87 million) loan from Royal Bank of Scotland Group Plc and NIBC Bank NV to refinance six U.K. solar parks.
RBS’s Corporate & Institutional Banking unit supplied 37.4 million pounds and NIBC of the Netherlands provided the remainder, Lightsource said today in a website statement.
The parks in the southeast and west of England cost “north of 70 million pounds” in total, Paul McCartie, finance director at Lightsource, said today by phone. Lightsource is backed by London-based fund manager Octopus Investments Ltd.
The parks, with a total capacity of 23 megawatts, have been working since before August 2011, when the so-called feed-in tariffs for large-scale solar projects were cut by as much as 71 percent, according to Lightsource. The loan refinances a current bridge loan provided by funds managed by Octopus. The debt is non-recourse, where the lender can recoup payments from the ventures’ profits, according to McCartie.