Foresight closes refinancing of UK renewable portfolio

Foresight Solar Fund Limited, a fund investing in a diversified portfolio of ground-based solar PV assets in the UK and internationally, has completed the GBP245 million (US$305 million) debt refinancing for a portfolio of 28 UK assets, representing an installed capacity of 321 MW.

The new financing comprises a GBP170 million (US$211.9 million) term loan facility, a GBP65 million (US$81 million) revolving credit facility, and a GBP10 million (US$12.466 million) debt service reserve facility. The GBP170 million (US$211.9 million) fully amortizing term loan facility will expire on March 2036 and will be provided jointly by Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sumitomo Mitsui Banking Corporation (SMBC). The term loan facility all-in annual cost of debt is approximately 230bps. The proceeds of the loan facility will be used partially to refinance the asset-level debt facilities expiring on September 2019.

The GBP65 million (US$81 million) RCF has a three-year term and will be provided by National Westminster Bank plc (“NatWest”). This facility replaces the existing GBP65 million (US$81 million) RCF entered into in 2017.