Foresight Solar Fund Ltd. has completed a £245 million debt refinancing for a 321-MW portfolio in the U.K.
The portfolio consists of 28 operating solar photovoltaic assets in England and Wales, according to an Aug. 5 news release.
The financing comprises a £170 million term loan facility due March 2036, a £65 million revolving credit facility and a £10 million debt service reserve facility.
Foresight said the term loan facility from Landesbank Hessen-Thüringen Girozentrale and Sumitomo Mitsui Banking Corp. will be used to partially refinance asset-level debt facilities expiring in September. The all-in annual cost of debt on the term loan is approximately 230 basis points, it said.
The three-year revolving credit facility from National Westminster Bank PLC will replace an existing £65 million facility entered into in 2017.
Following this transaction, Foresight Solar Fund's total outstanding debt is £511.3 million, equating to approximately 46% of the gross asset value of the company and its subsidiaries. The total outstanding long-term debt, excluding revolving credit facilities of £406.3 million, is 37% of gross asset value.
Watson Farley & Williams advised the consortium of lenders on the refinancing.