PiP helps refinance 2,366 rooftop solar portfolio in UK
Rooftop solar array. Featured Image: Ralf Gosch/Shutterstock.com
The Pensions Infrastructure Platform (PiP) said Friday it has provided GBP 27.5 million (USD 36m/EUR 33m) of inflation-linked debt financing to refinance 2,366 rooftop solar systems in England and Wales.
The assets have a combined capacity of 6.71 MWp, operating under the UK’s feed-in tariff (FiT) scheme.
PiP’s financing, being the first investment for its Multi-Strategy Infrastructure Fund, will be paid back over 20 years. Novatio Capital Ltd, trading as The Renewable Financing Company, arranged the loan facility.
The PiP Multi-Strategy Infrastructure Fund has been created to invest directly in UK infrastructure, including housing, social infrastructure, communications, utilities, energy and transportation. It is targeting stable, long-term inflation-adjusted yields.
In April the fund reached its first close with GBP 125 million of pension scheme investor commitments.