Macquarie Asset Management has completed a refinancing of a portfolio of 365MW solar power plants in the United Kingdom owned by Vantage Solar UK.
The £275m (€330.1m) portfolio is comprised of 24 ground-mounted solar photovoltaic plants located across England and Wales, and aligns with the European Union’s taxonomy for sustainable activities.
The operational portfolio makes an important contribution to the United Kingdom’s supply of clean energy, producing enough electricity to power the equivalent of more than 90,000 homes each year.
The portfolio is largely owned and operated by Vantage RE, a UK-based renewable energy investment and asset management firm owned by Bursa Malaysia-listed electricity utility Tenaga Nasional Berhad.
The financing agreement arranged by Standard Chartered features a 13-year tenor and will enable Vantage Solar UK to refinance existing shorter-term debt.
Macquarie Asset Management managing director Tom van Rijsewijk said: “Access to institutional savings pools will be key if the UK is to continue the build-out of clean generation capacity and deliver on its target of achieving net zero emissions by 2050.
“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.”
Vantage RE chief executive Vian Davys said: “This refinancing represents a major milestone for the shareholder’s portfolio, for which Macquarie has provided good collaboration and support throughout the process.
“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.”
Since 2012, Macquarie Asset Management has lent approximately £2.6bn across approximately 40 renewable energy projects representing a total installed capacity of more than 15.5GW via its infrastructure debt platform.
This includes approximately £1.9bn invested in renewable energy projects across the United Kingdom.