Bluefield Solar Income Fund has achieved financial close on £187m of long-term debt and a £30m short-term revolving credit facility that will be used to fully refinance an existing agreement with the Royal Bank of Scotland and Investec Bank.
The short-term £200m amended and restated facility agreement with the banks closed on 22 January 2016, the fund said.
The new long-term debt facility will be provided by Aviva Investors in two tranches. The first is set to be £125m at a fixed-rate, while the second will be £62m at an index-linked rate.
Both are fully amortising over 18 years, which matches the average remaining life of the fund’s regulated revenues, Bluefield said.
The fund said it has also retained an existing, long-term financing agreement with Bayerische Landesbank for the Durrants’ Farm project, totalling £14m as of 30 June, “to avoid the cost and complexity associated with restructuring this small legacy, project level facility”.
Image: sxc
Bluefield banks £217m
Aviva Investors deal to refinance existing agreement with RBS and Investec
By EBS