BSR announces close of its first portfolio financing

[07/06/2024]: British Solar Renewables (BSR) today announced the close of its first portfolio financing. This portfolio is part of BSR’s extensive pipeline of solar PV and BESS projects that BSR will deliver, build, own and operate. As well as being a developer, long term owner and EPC contractor, BSR will deliver O&M and asset management to the projects.

The portfolio comprises five (124MW), built or in build co-located solar, battery energy storage and standalone solar assets in the UK and Australia, with a combined solar generation of 132GWh annually, capable of providing enough energy for over 30,000 households. The assets will benefit from contracted revenues earned from AR5 CfD, utility and corporate PPA’s.

The facility is financed by Commonwealth Bank of Australia and Lloyds Bank.

BSR was acquired by ICG Infrastructure in July 2022, and since then, ICG Infra has helped support the growth of BSR alongside the management team.

BSR’s, Michael Ozersky, CIO, commented: “I’m very proud of this significant milestone as we continue to grow, build long term relationships with key stakeholders and create value for our shareholders.”

ICG’s, Paul Leveque, Associate Director, Infrastructure Equity, commented: “We are thrilled to see BSR secure a new debt facility to support the development of renewable projects across UK and Australia. As the majority shareholder, we are proud to be part of the energy transition and support their efforts towards a sustainable future”

CBA commented, “CBA is pleased to have backed BSR on its first portfolio financing in supporting its growth and future ambitions across the United Kingdom and Australia. We recognise the strength of the portfolio and potential of BSR in driving the energy transition”.

James Taylor, Head of Infrastructure and Project Finance at Lloyds Bank, said: “We’re pleased to build on our strong relationship with ICG, and proud to support British Solar Renewables with a financing platform to unlock their pipeline of renewable assets.

“We’re impressed by BSR’s commitment to contribute to the UK’s transition to net zero; their aims align perfectly with ours, and we look forward to strengthening our partnership with them at this exciting point in their journey.”

All the solar parks will be managed for biodiversity and evidence suggests that solar parks can support a diverse range of flora and fauna, helping to stop the decline of the nation’s bees and butterflies. BSR has been working with the Bumblebee Conservation Trust in Somerset on one of the projects as part of their S.O.S (Save Our Shrills) initiative to undertake specialist wildflower seed planting in order to encourage the rare Shrill Carder bee and other pollinators to thrive on the solar park. BSR is passionate about renewables and the environment. BSR aims to have a positive impact on the environment and people we interact with. BSR will continue to operate in a way that enhances biodiversity, improves soil structure and health, supports healthy ecosystems, and protects the planet.