Lightsource Renewable Energy has agreed a £103 million (US$155 million) funding package to finance the acquisition of 14 UK solar assets.
The PV portfolio consists of 13 ground-mounted solar farms and one commercial rooftop project, totalling 34.2MW of capacity. The company estimates that the solar portfolio will generate enough electricity to power over 11,200 UK households every year.
Craig Love, director of infrastructure and structured corporate financing at RBS described the deal as “significant” for the bank. He continued: “We have a pipeline of deals in the UK solar space that we are currently working on including further large-scale projects under the Renewables Obligation (RO) and rooftop projects under the feed-in tariff regime.”
The RO generation certificate scheme closes to projects over 5MW at the end of March 2015. The only support for solar farms above that size will be the competitive Contracts for Difference (CfDs) scheme.
Lightsource Renewable Energy claims that it is on track to hit its ambitious milestone of owning 1GW of operational PV assets in the UK during the first quarter of 2014. Paul McCartie, finance director for Lightsource added that the company has a “strong appetite for development” in addition to “a significant pipeline”.
Solar Media, publisher of PV Tech, will be hosting a Solar Finance & Investment conference in London on 10-11 March, 2015.