Virgin Money backs Gresham House Solar Distribution for GBP18mn deal

Virgin Money has agreed to a new financing partnership with Gresham House – the bank’s largest transaction in the renewable sector to date. This relationship will provide Gresham House Solar Distribution LLP (GHSD) with a GBP18 million (US$25.02 million) revolving credit facility, through a flexible funding arrangement, to facilitate the growth of its solar assets.

The Gresham House alternative investment fund has successfully raised more than GBP49 million (US$67.96 million) from investors to date and currently owns eight operational ground-mounted solar parks in England and Wales.

With a total capacity of 48 MW, the portfolio generates more than 45G Wh of electricity per year – enough to supply more than 12,500 homes and save more than 20,000 tonnes of carbon dioxide emissions annually.

The Virgin Money structured facility will offer a flexible and powerful solution to help Gresham House further grow its solar capabilities.