Octopus Investments increases solar portfolio

Portfolio now contains a total of 622MW in assets

Octopus Investments has expanded its solar portfolio refinancing and added new assets.

The British investment firm announced today (7 November) it has increased the financing of the solar portfolio by £80 million, bring the total facility size to £564 million.

It has also added an additional 100MW of solar assets to the portfolio, which now contains a total of 622MW.

The new financing was provided by a number of banks, including Barclays, the Royal Bank of Scotland and Santander Global Corporate Banking.

“Once again, the Octopus team has delivered a landmark transaction in the renewable energy sector, pushing the boundaries of our industry by making Europe’s largest solar PV refinancing even bigger,” said head of energy investments, Matt Setchell.

“Our asset management team has delivered on expectations with high-quality reporting to a group of experienced leaders,” he added. “They are impressed with the results and followed up just six months after the original deal with more funding.”

Santander Global Corporate Banking’s head of project and infrastructure finance, Alejandro Circuelos, added: “We’re delighted to continue supporting Octopus’ strategy in the European renewable energy market. This transaction is a great addition to Octopus’ existing platform and an innovative solution that incorporates unique features that allows them to raise project finance debt in a cost-efficient, flexible and timely manner.”