DIF Capital Partners closes financing for 540 MW co-located solar and battery storage portfolio in the UK
DIF Capital Partners, through its DIF Infrastructure VII fund, has closed financing for a co-located solar generation and battery storage portfolio in the UK. The portfolio was acquired by DIF and 10% co-shareholder ib vogt in November 2022. It consists of seven ready-to-build sites with a combined capacity of 720 MW, comprising 380 MW solar and 340 MW Battery Energy Storage Systems.
The financing structure covers the first 540 MW of projects through fully committed senior debt facilities and an equity bridge loan provided by a group of senior lenders. The group includes ABN AMRO, ING, Rabobank, NAB, KFW, and Lloyds, with Lloyds acting as agent. An uncommitted accordion facility is also available to expand the financing for the last 180 MW of projects in the portfolio. All projects in the portfolio are expected to become operational between 2024 and 2025.
DIF has worked with Elgar Middleton, Lazard, CMS, DNV, and Natural Power as its advisers.
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