Utility-scale solar developer Lightsource Renewable Energy has closed project financing for a 19MW solar farm in Kent.
Financial close was achieved via a £14 million term loan from specialist bank and asset manager, Investec Bank.
Investec Bank’s Investec Power and Infrastructure Finance also provided £1 million VAT support for the solar farm.
The solar farm has begun construction and will benefit from the government utility-scale renewable project incentive, the Renewable Obligation (RO).
The project, called Sycamore Solar Farm, is located in Old Romney, Kent, spanning 48.6 hectares with more than 82,000 panels installed to power 6,600 UK households.
Olivier Fricot, head of power and renewables lending at Investec, said: “This transaction represents another significant deal for us in the UK solar market and we look forward to further supporting Lightsource in the realisation of their 2014 pipeline”
Paul McCartie, structured finance director of Lightsource said: “We closed seven separate project financing transactions last year borrowing almost £200m in the process. It is clear that key to a lender’s decision to enter into a financing process is the sponsor’s ability to transact and their track record in closing financings.
“We are actively working on a number of new project financings and expect to raise £200-300m again this year,” McCartie added.
Investec has already funded 120MW of solar in the UK.
Lightsource meanwhile operates more than 250 solar sites across the UK.