Lightsource Wins Loan for U.K. Solar Plant Powering 6,600 HomesLouise Downing
Lightsource Renewable Energy Ltd., the U.K.’s largest operator of solar parks, received a loan from Investec Bank Plc to build a plant that will provide enough electricity for more than 6,600 homes.
Investec is putting 15 million pounds ($25 million) toward the 19-megawatt venture, Lightsource said today in an e-mailed statement, without giving the total cost of the project. The London-based company expects the plant, under construction since December, to begin working by the end of March.
The loan marks a further commitment from Investec, which provided Lightsource with 30 million pounds to refinance four projects in October. British solar companies have attracted investors since the U.K. opened its Renewables Obligation certificate system, which requires power suppliers to source an increasing portion of their electricity from clean generators.
Lightsource completed seven project-financing transactions last year, borrowing almost 200 million pounds, Structured-Finance Director Paul McCartie said in the statement. “We’re actively working on a number of new project financings and expect to raise 200 million pounds to 300 million pounds again this year.”
Lightsource operates more than 316 megawatts of solar plants in the U.K. and Investec has funded more than 120 megawatts of solar in the country, according to the statement.