Triodos Bank has again instructed TLT to advise on a multi-million pound investment in UK solar farms, as TLT witnesses a continued strength in financial backing for clean energy.
Triodos has provided £17.9 million of loans to two UK solar projects for Spanish developer Gamma Solutions SL. The transaction combines £15.1 million of project finance loans from Triodos Bank with £2.8 million of mezzanine loans from the Triodos Renewable Europe Fund.
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, their expected annual production is sufficient to power 5,068 homes.
The team at TLT included Gary Roscoe, partner in the banking team, and Maria Connolly, partner and head of energy and renewables.
Stirling Habbitts, who led the UK transaction within the project finance team at Triodos Bank UK, comments: "We continue to see significant opportunities in the UK solar market and are pleased to partner with TLT once again as we grow our renewable energy portfolio. We achieved financial close on this transaction within a tight timeframe, greatly assisted by TLT’s practical advice and outcome orientated approach."
Roscoe comments: "The UK is a global leader in renewable energy and it is encouraging to see continued investment in clean energy technologies like ground mounted solar farms. We are pleased to support specialist investors like Triodos as they explore the increasingly broad range of clean energy investment opportunities available."