Pension Insurance Corporation (PIC) has strengthened its relationship with Q-Energy with the provision of a further £277m (€304m) of debt funding.

The insurer of defined benefit pension funds is providing the funding for eight solar parks located in Spain, owned by Q-Energy’s renewable energy investment fund FSL.  PIC is providing the £277m funding as a sole investor.

The funds will be used to refinance existing debt.

In February this year, PIC made its first investment in the Spanish solar energy sector by investing £190m debt funding for 21 solar parks owned by Q-Energy.

Florence Carasse, debt origination manager at PIC, said: “This is a secure transaction in a resilient and sustainable sector that will provide the cashflows to pay the pensions of our policyholders for decades into the future, as well as helping to reduce global carbon emissions.”

Manuel Espinosa, from Q-Energy’s investment team, said: “This is another significant investment in renewable energy by PIC and it signals their confidence in us and in the strength of the underlying asset.”

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