UK PV in $87m refinance boost

David Cameron's government has softened its stance on large PV

Octopus Investments and its in-house developer Lightsource have snagged £54.4m ($87.3m) of debt to refinance 23MW of existing PV capacity in England, in a deal they claim represents the largest-ever project-finance package in the burgeoning UK solar sector.

The package includes £37.4m from Royal Bank of Scotland, a growing player in the UK solar market, and an additional contribution from Dutch bank NIBC. 

Lightsource, operating in partnership with Octopus, claims to be the UK’s largest solar developer, with more than 220MW of existing capacity across 250 sites. Such an asset base is equivalent to more than one-third of all the PV capacity added in the UK during 2011.

The 23MW in question is spread across six sites – ranging from 1.9MW to 5MW in size – in the southeast and west of England. All were hooked to…

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