Wirsol Energy refinances 45 MW solar projects

Wirsol Energy, a subsidiary of WIRCON  that focuses on both on-shore wind markets and solar markets, has closed a deal to refinance nine UK solar parks totaling 45 MWp with debt of £36.4 million (US$48.5 million).

The photovoltaic solar facilities are connected under both Feed in Tariff and  Renewable Obligation (RO) schemes.

The refinancing partnership with BayernLB is based on 18-year non-recourse financing coupled with a Statkraft power purchase agreement, supported by Elgar Middleton as financial advisor and OST acting as technical advisors.

Mark Hogan, Managing Director of Wirsol, commented:

“We are clearly very pleased to have both successfully connected both sites during Q1 ahead of the 1.3ROC deadlines and conclude the refinancing within a 2 month period thereafter. Working with the highly experienced team at BayernLB enabled us to close out the refinancing across the 9 solar sites in a relatively short period."

“We are already in acquisition mode having recently acquired sites and actively securing a pipeline of circa 60MW for connection under the RO scheme ending March 2017. Our intent to repeat the exercise, build the parks and refinance with the established team at BayernLB and extended partners as we look to expand geographically thereafter into known and trusted markets.”

Peter Vest, Managing Director of WIRCON, added:

“We are delighted to have finalized the refinancing of these projects and especially so with BayernLB. This refinancing follows on from the 62MWp refinanced in Denmark during December 2015 and continues our ambition to hold the solar assets within the group and our respective shareholders.

“We will continue to follow this path as we believe it provides the group with both critical mass and stability together with a stronger balance sheet as we build out our international footprint.”