Macquarie Asset Management has made a £275m (€320.1m) debt investment in a UK solar portfolio owned by Tenaga Nasional’s subsidiary Vantage RE.

Macquarie said it is the sole lender in the refinancing of the 365MW portfolio of 24 ground-mounted solar photovoltaic plants located across England and Wales.

The financing will enable Vantage to refinance existing shorter-term debt.

Tom van Rijsewijk, a managing director at Macquarie Asset Management, said: “This refinancing is a perfect demonstration of this investment theme in action, providing Vantage Solar UK with the long-term financing it needs to deliver on its strategy whilst providing our clients with a sustainable investment opportunity that contributes directly to the low-carbon transition.”

Vian Davys, CEO at Vantage RE, said: “This new debt package provides us with greater certainty with regard to the delivery of our long-term investment and asset management strategy, in line with Tenaga Nasional Berhad’s aspiration to be a leading sustainable energy solutions provider.”

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