Albion Capital has refinanced a £105m (€119m) portfolio of renewable energy installations in the UK.
The company has raised £57m of debt for its Albion Community Power portfolio, comprising onshore wind, hydro, solar and battery storage facilities that are backed by subsidy support mechanisms.
The portfolio has delivered unlevered returns of 15-20% for shareholders, over 30% above the targeted returns, said Albion.
Aberdeen Standard Investments provided the long-term, non-recourse, institutional debt from funds it manages.
The debt was secured against Albion’s portfolio, which includes refurbished turbines.
IDCM and Burges Salmon advised Albion on the transaction and Everoze and Osborne Clarke advised Aberdeen Standard Investments.
Albion Capital partner David Gudgin said: “Albion Community Power introduced institutional investors to the Albion brand for the first time, and we are pleased to have delivered such a good result for our shareholders.
“Moving forward the fund continues to invest in renewable energy assets and we are keen to add further institutional investors targeting long term, uncorrelated, RPI-linked cash flows alongside our existing LPs.”