British Solar Renewables (BSR), a leading integrated renewable energy developer, owner, and operator, backed by ICG since 2022, has announced today the successful financial close of 609MW across 12 standalone solar and co-located solar-BESS projects, one of the largest greenfield and operational portfolio financings in the UK. The projects will play an important role in supporting UK’s net zero goals and achieving its target of increasing the share of renewable energy in the generation mix.
BSR have secured a senior, flexible, structured £345m debt facility from a consortium of banks including Lloyds, Commonwealth Bank (CBA), Landesbank Baden-Württemberg (LBBW) and NatWest. The financing includes restructuring of the existing senior project facility and firmly positions BSR to become one of the leading integrated power producers within UK.
Once operational, the 12 projects will have a combined generation of 600GWh of clean electricity annually, enough to power approximately 160,000 UK homes, and saving 140,000 tonnes of CO2 emissions. This comes as the UK intensifies efforts to reach its legally binding 2050 net zero target and navigates energy security challenges.
Michael Ozersky, Chief Investment Officer of British Solar Renewables, said, “Achieving financial close on this landmark transaction is a major milestone for our business and reinforces our commitment to the UK’s clean energy future. This financing highlights the strength of our collocation strategy and our innovative approach to delivering clean, reliable power at scale. We’re proud to play our part in driving the energy transition forward.”
Tony Hable, Managing Director, Infrastructure and Project Finance at Lloyds, said, “We’re proud to strengthen our existing relationship with British Solar Renewables as Sole Structuring Bank in this second successful portfolio financing, and to continue supporting the work to unlock its pipeline of renewable assets. We look forward to seeing the business deliver its ambitious growth targets as it plays its part in the energy transition and contributes towards a sustainable future.”
