Foresight Solar Fund has closed deals totalling £200m to help finance more acquisitions to its project portfolio.
The fund has reached financial close on a £160m in long-term debt to refinance its £150m short-term acquisition facility currently in place.
A further £40m has been received in a revolving acquisition facility.
Macquarie Infrastructure Debt Investment Solutions (MIDIS) and Abbey National Treasury Services (Santander Global Corporate Banking) will provide the long-term debt facility.
Separately, Foresight Solar Fund has also entered into a five-year power purchase agreement with a single provider for 15 of the 16 solar assets.
The fund has sixteen operational and accredited solar assets in the UK with capacity of 338MW.
Foresight Solar Fund chairman Alex Ohlsson said: "Given the current favorable market conditions, we believe the facility has been secured at an attractive rate, optimising the capital structure of the Fund and further underpinning returns to investors."
MIDIS senior vice president Tom van Rijsewijk said: "MIDIS is pleased to work with an experienced operator like Foresight. This is a great opportunity for MIDIS to provide debt against a diversified UK solar portfolio with low gearing levels."
Foresight Solar Fund invests in ground based UK solar power assets with an aim to offer shareholders with a sustainable and increasing dividend for capital growth.
Image: Foresight Solar has 16 operational and accredited solar assets in UK. Photo: courtesy of franky242 / FreeDigitalPhotos.net.