Cubico completes £272m refinancing of 200MW UK wind and solar portfolio
Cubico Sustainable Investments has secured £272m (€317.1m) refinancing from banks for 17 UK onshore wind and solar projects.
The London headquartered renewable energy firm said it raised the project finance debt via the National Australia Bank, Siemens Financial Services through its in-house bank Siemens Bank, ING Bank and Landesbank Hessen-Thüringen (Helaba).
The total amount of non-recourse, long term project finance debt raised was £258m with a £14m debt service reserve facility, Cubico said, adding that the new facility matures in 2035.
The financing was structured as an open-ended portfolio to permit the inclusion of further renewable energy assets and is intended to provide an efficient method to finance future projects, Cubico said.
David Swindin, the head of EMEA at Cubico, said: “This will be one of the largest portfolio financings closed in the UK market this year and we are very pleased with the great level of interest shown from our banking group.”