Capita Asset Services is moving into renewable energy to become the full-time loan servicer for a portfolio of wind farm loans owned by L1 Renewables.
Capita said it has formed a dedicated renewable energy team to service the loans, including managing the borrower relationships, providing cash management services and supplying portfolio analysis.
Capita has been working with L1’s parent Universities Superannuation Scheme since they acquired the loans and became full servicer on 29 February.
Capita Asset Services head of client relations, debt solutions Serenity Morley said: “This is Capita’s first move into the renewable energy sector and illustrates our growing commitment to provide long term services to the infrastructure asset class, building on our existing expertise.
“We believe our work with L1 is the first example of an independent third party loan servicer of renewable energy sector debt.”
USS head of private credit and special situations Ben Levenstein said: “L1 is a leading lender to the UK onshore wind sector with expertise in providing finance solutions to mid-market renewable energy projects in the UK.
“With the support of USS, L1 aims to retain this market position, providing long-term committed capital support to an important sector in the UK economy.
“L1 is pleased to be working with Capita, which brings a strong track record of delivering an excellent borrower experience.”
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