August 5 (Renewables Now) - Foresight Solar Fund Ltd (LON:FSFL) today announced a debt refinancing package of GBP 245 million (USD 297.2m/EUR 267.5m) for 321 MW of UK assets.
Landesbank Hessen-Thueringen Girozentrale (Helaba) and Sumitomo Mitsui Banking Corp (SMBC) have provided a GBP-170-million fully amortising term loan facility, expiring in March 2036. In addition to that, the fund has agreed a three-year GBP-65-million revolving credit facility (RCF) with National Westminster Bank plc to replace an existing revolver of the same size, secured in 2017.
The refinancing also includes a debt service reserve facility of GBP 10 million.
"This refinancing delivers significant value for Foresight Solar Fund as a result of a reduction in the annual cost of the new cross-collateralised term loan facility against the previous asset level facilities,” said chairman Alex Ohlsson. "In addition, the refinancing of the RCF removes any short-term refinancing risk across the Company's portfolio and allows the Company to adopt a more flexible approach to new investment opportunities in both the short and medium term.”
Foresight Solar’s total outstanding debt now stands at GBP 511.3 million, which is equal to 46% of its gross asset value (GAV) as of March 31.
(GBP 1 = USD 1.21/EUR 1.09)