Leading renewable energy consultancy and service provider, Natural Power, has acted as technical advisor to London headquartered Cubico Sustainable Investments (“Cubico”) for the refinancing of its UK renewables portfolio which is comprised of 17 onshore wind farms and solar photovoltaic (PV) projects.
Natural Power carried out technical due diligence services on all 17 operational wind and solar farms across the UK, including an assessment of the projects’ long-term energy production and the benefits gained from a geographically and technologically diverse portfolio.
Hannah Staab, Principal Solar and Energy Storage Consultant at Natural Power, said: “This will most likely be one of the largest portfolio financings closed in the UK renewables market this year, and we were delighted to draw on our extensive wind and solar PV expertise in order to advise Cubico on such a landmark transaction.”
Cubico raised £258 million of non-recourse, long term project finance debt with a £14-million debt service reserve facility. The refinancing was arranged with National Australia Bank, Siemens Financial Services through its in-house bank Siemens Bank, ING Bank and Landesbank Hessen-Thuringen (Helaba).
The wind and PV portfolio totals 200 MW, and all projects began commercial operations between 2013 and 2016. The power plants operate under the UK’s renewables obligation (RO) and feed-in tariff (FiT) schemes.
