Octopus expands largest ever solar portfolio refinancing in Europe

Octopus Investments, the largest commercial solar investor in Europe, has expanded the landmark £484 million solar portfolio refinancing it closed earlier this year, further expanding the biggest deal of its kind in the European solar sector.

An additional 100MW of solar assets have been brought into the portfolio with the financing increasing by £80 million taking the total facility size to £564 million. The portfolio now contains 622MW of solar assets.

The new financing has been provided by banks that were already part of the syndicate which currently comprises nine lenders: Banca IMI, Barclays, BNP Paribas, CaixaBank, The Royal Bank of Scotland (RBS), SMBC, AIB, Sabadell and Santander Global Corporate Banking.

Matt Setchell, Head of Energy Investments at Octopus, said: “Once again the Octopus team has delivered a landmark transaction in the renewable energy sector, pushing the boundaries of our industry by making Europe’s largest solar PV refinancing even bigger. Our asset management team has delivered on expectations with high quality reporting to a group of experienced lenders. They are impressed with the results and followed up just six months after the original deal with more funding.” 

Alejandro Ciruelos, Head of Project and Infrastructure Finance at Santander Global Corporate Banking, commented: “We are delighted to continue to support the Octopus strategy in the European renewable energy market. This transaction is a great addition to the existing Octopus platform and an innovative solution that incorporates unique features that allows it to raise project finance debt in a cost-efficient, flexible and timely manner.”

Linklaters (Legal) advised Octopus and Wood Group (Technical), PWC (Tax and accounting), Ashurst (Legal) and Operis (Model Audit) advised the lenders.

Important information:

The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. We do not offer investment or tax advice. We recommend investors seek professional advice before deciding to invest. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. Issued: November 2017

Author
Octopus Investments
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