Quercus Assets Selection Sarl today said it has agreed financing for three solar power plants in the UK with a combined capacity of 21.3 MW.
The Luxembourg-based renewable energy infrastructure investor has obtained portfolio level debt of GBP 13.6 million (USD 18.2m/EUR 16.4m) from Santander UK. The funding package has a 10-year tenor.
The three plants -- Sidlesham, Stanton and Burton -- are located in Chichester, Swindon and Stratford-upon-Avon, respectively. They were connected to the grid in May last year and are accredited under the Renewables Obligation (RO) scheme. Together, the systems generate enough electricity to power almost 5,000 homes, the company says.
Following the deal the three plants will be owned by Quercus Renewable Holding 2, a Quercus-owned holding company. Quercus said the transaction was part of its consolidation strategy and would optimise investors' returns on the three facilities.