TBC 2015 – Lightsource Renewable Energy Limited (“Lightsource”), the UK’s leading utility scale solar PV developer and operator has secured a £103m term loan for the acquisition of 14 UK solar assets (13 UK ground mounted solar farms and 1 UK commercial roof top) with RBS.
Also known as solar farms or photovoltaic power stations, these large-scale systems supply power into the UK national grid and this latest portfolio of 14 UK solar assets generates enough green electricity to power over 11,286 UK households
RBS has a established presence in the UK solar market, having funded c. 500MWp utility scale and rooftop solar transactions to date, acted as arranger, account bank, hedging bank, facility agent and security trustee. This latest deal represents a major transaction in the UK to support large scale solar energy projects.
Paul McCartie, Finance Director for Lightsource comments: “We have a strong appetite for development and a significant pipeline. RBS has proven to be an exceptional, supportive partner and we have appreciated its strong market knowledge and commitment.”
Craig Love who is a Director on the Infrastructure & Structured Corporate Financing, RBS, comments: “We are delighted to support this project which represents a significant deal for Royal Bank of Scotland, and further endorses the expertise of our team. We highly value the relationship developed with Lightsource through this transaction and earlier financings. We have a pipeline of deals in the UK solar space that we are currently working on including further large scale projects under the Renewables Obligation and rooftop projects under the Feed-In Tariff regime.”
About the RBS
RBS is moving from a bank with seven divisions and seven support departments to a bank with three customer businesses – personal, commercial, and corporate – supported by one shared support structure. By removing complexity and connecting the businesses we will be able to improve the things that matter to customers.
Personal & Business Banking
This business brings together personal customers with smaller business customers, so that we can better serve their needs. This will see business managers back on the high street.
Commercial & Private Banking
We are the biggest bank for UK business, and our ambition is to be the best. We know how important businesses and business owners are to the UK economy. They create wealth and jobs and we are placing them together to allow us to meet the financial needs of both.
Corporate & Institutional Banking
In recent years we have narrowed the focus of our markets business. We now have a range of products that are well placed to serve the needs of our largest corporate and institutional clients, both in the UK and internationally. This brings UK corporate, international banking, and markets customers together in one place.
About Lightsource Renewable Energy Limited
Lightsource Renewable Energy Limited is the UK’s largest generator of solar energy. Lightsource develop, operate and maintain the largest portfolio of utility scale solar PV plants in the country with a total of over 736 MWp closed and funded to date in the UK. Lightsource is UK based with a growing team of over 350 experienced solar engineers, planners, and project managers.
Founded in 2010, the company has made rapid progress over the four years, establishing itself as the pre-eminent player in the UK Solar PV sector.
For more information visit our website www.lightsource-re.co.uk
