Innova Energy counts on NatWest for ₤ 30 million UK solar refinancing
- Innova Energy has actually refinanced its 57MW portfolio of UK rooftop and ground-mounted solar PV.
The ₤ 30 million transaction - funded by high road bank NatWest - used SONIA (the Sterling Overnight Index Average) as its reference rate. It is the very first SONIA based job finance center to be made available by NatWest as well as an option to LIBOR (London Interbank Offered Rate), which is expected to be ceased at the end of 2021.
The solar portfolio-- which produces 53.5 GWh of electrical power - is part of Innova's approach to purchase "quality assets creating green power across a varied series of UK sites", the company said, which includes offering power to commercial and business clients.
The jobs consisted of in the portfolio are certified under both the Renewable Obligation Certification (ROC) as well as feed-in toll (FiT).
Andrew Kaye, director of innova power, claimed: "We have delighted in operating in collaboration with NatWest to supply safe low-priced money, hedged interest rate and inflation threats and to produce a platform for future development. NatWest's dedication to the low carbon economy and also versatile method has aided us to do this. We are currently preferably placed to continue offering locally-generated eco-friendly services to power users throughout the UK."
NatWest has provided financing for solar refinancing formerly, including for Foresight's ₤ 245 million financial obligation refinancing of a 321MW UK solar portfolio in August 2019, ₤ 65 million of which was a revolving credit center (RCF) offered by NatWest.
The bank also coordinated with Statera Energy for the refinancing of its 50MW Pelham utility-scale battery storage space plant in 2018.
