M&G Investments and AMP Capital refinance UK solar portfolio

UK solar developer Lightsource Renewables has refinanced part of its solar assets raising £296 million. M&G Investments provided the majority of the funding – £247 million of 22-year inflation linked financing – while AMP Capital provided a £49 million, eight-year mezzanine facility, through its AMP Capital’s Infrastructure Debt Fund II.

Royal Bank of Scotland advised Lightsource to refinance a 101MW portfolio of 33 operational ground-mounted solar assets, each accredited under the feed-in tariff.

Paul McCartie, structured finance director at Lightsource, said:

"The deal was a “significant milestone” for Lightsource. We have raised over £1.1 billion of project financing this year which is an amazing achievement and wouldn’t have been possible without the support of the lenders and advisors who work with us.”

Last month Lightsource sold a batch of its projects to investment partner Octopus Investments as part of a wider £400 million transaction totalling 522MW, spread across 74 separate projects.