British solar developer and operator Lightsource Renewable Energy has closed project financing on its 20MW Sycamore PV plant in southeast England.
Investec Bank is providing a £14m ($23m) term loan and £1m VAT facility to support the project, sited across 120 acres in Old Romney, Kent.
The plant, still under construction, will feature 82,000 PV panels, enough to power 6,600 UK households.
The transaction is the first construction debt financing Lightsource has wrapped up and follows a number of operational project refinancing deals with Investec.
“We closed seven separate project financing transactions last year, borrowing almost £200m. It is clear that key to a lender’s decision to enter into a financing process is the sponsor’s ability to transact and their track record in closing financings,” said Lightsource structured finance director Paul McCartie.
Investec has now funded more than 120MW of solar while Lightsource has an operational portfolio topping 316MW in the UK across 250 sites.
Lightsource Renewable Energy partnered with Irish solar developer BNRG Renewables for this project after securing a 25-year planning permission in 2013.