- 5MW solar farm with SunEdison panels in Wiltshire, England
- £12.8m refinance, using both project finance lending and mezzanine lending from the Triodos Renewable Europe Fund (TREF)
- A bespoke finance solution for an international organisation looking to grow their investment in UK renewables
Triodos had the flexibility and adaptability to propose a solution that maximised leverage at a reasonable cost
Triodos Bank, Europe's leading sustainable bank, has provided £17.9 million of loans to two UK solar projects for Spanish developer Gamma Solutions SL. The transaction combines two types of loans in one finance package, namely £15.1 million of project finance loans from Triodos Bank with £2.8 million of mezzanine loans from the Triodos Renewable Europe Fund (TREF), a dedicated renewable energy fund managed by Triodos Investment Management in the Netherlands.
Stokes Marsh and Stoneshill solar farms are located near Coulston in Wiltshire and Exeter in Devon. The ground-mounted solar projects have capacities of 15.1MWp and 5.0MWp, and were commissioned in March 2015 and March 2017. With over 62,000 solar panels installed over 41.5 ha, their expected annual production of 19,973 MWh year is sufficient to power 5,068 homes and reduce 7,716 tonnes of CO2 emissions.
At Triodos Bank we can provide a variety of types of finance for renewable energy projects including project finance loans, mezzanine loans and equity. In this case we were able to increase our finance offer by combining project finance with a mezzanine loan, creating a bespoke finance solution to meet our customer's needs. We are pleased to assist international organisations such as Gamma Solutions to grow their investments in UK renewables.
The projects receive revenues under the UK Renewable Obligations Certificates (ROC) scheme and under power sold via Power Purchase Agreements (PPAs). The finance package will assist Gamma Solutions to consolidate its UK solar portfolio and release funds for new projects. Triodos Bank are collaborating with Gamma Solutions on the finance of further projects including a portfolio of rooftop solar projects in Spain.
ABOUT
Triodos Renewables Europe Fund
Triodos Renewables Europe Fund is managed by Triodos Investment Management in the Netherlands. The fund, which was launched in 2006, invests in equity and subordinated debt of small to medium-sized European producers of green power, primarily wind and solar energy power plants. As an initiative of Triodos Bank it builds on over 25 years' experience of investing in renewable energy.
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