An infrastructure and asset management company has issued a £60 million solar bond, believed to be the largest in the UK to date.
Foresight Group used it to refinance its existing portfolio of solar assets in the country, located in Kent, Somerset and Wiltshire. Solar bonds are issued to provide low-interest financing for renewable energy technologies such as solar PV.
Ricardo Pineiro, Investment Manager at Foresight said: “After more than five years in the solar sector, we are pleased to have put this structure in place which is forecast to deliver enhanced returns to our equity investors. Foresight plans to deploy a further £250 million into new large scale ground based solar projects in the UK over the next 12 months and we can offer greater value to developers and other owners of solar projects given our efficient capital structure.”
Foresight claims it has invested more than £310 million in solar assets across the UK, Italy, Spain and the US.