Eaga secures financing for £300 million U.K. solar project

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Eaga has signed a £300-million equity and debt financing agreement to help it install solar panels on more than 30,000 homes across the U.K., reports Solar Power Portal.

Debt financing from HSBC, Lloyds, National Australia Bank Limited, RBS and Santander will make up £225 million of the sum, while equity investment from Eaga, HSBC Environmental Infrastructure Fund and Barclays European Infrastructure Fund II accounts for the remaining £75 million. Eaga will be responsible for installing and providing maintenance for the systems.

“I am delighted that we have completed the finance raising of this ground breaking project which has been made possible by the support of all of our financing partners,” said Eaga’s chief executive, Drew Johnson. “The pathfinder nature of the project has meant that it has taken longer than we expected to get to this stage, during which time we have had to carry significant costs to maintain our installation capability, but we are now uniquely positioned with both the financial resources and the operational capability to capitalise on this significant market opportunity.”

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