Cubico Sustainable Investments (Cubico), a global leader in renewable energy, has announced that it has completed the refinancing of 17 onshore wind and solar PV projects in the UK.

All projects are fully operational and reached commercial operations between 2013-2016. The portfolio is comprised of a mixture of ROC accredited and Feed-in Tariff projects.

The total amount of non-recourse, long term project finance debt raised was GBP 258 million with a GBP 14 million debt service reserve facility. The bank club is comprised of the following Mandated Lead Arrangers (MLAs): National Australia Bank, Siemens Financial Services through its in-house bank Siemens Bank, ING Bank and Landesbank Hessen-Thüringen (Helaba). The new facility matures in 2035.

The financing was structured as an open-ended portfolio to permit the inclusion of further renewable energy assets and is intended to provide an efficient method to finance future projects.

The MLAs were advised by Eversheds Sutherland (Legal), Natural Power Consultants (Technical), Willis (Insurance), Mazars (Tax and Accounting) and Mazars (Model Audit).

Cubico was advised by Watson Farley Williams (Legal) and JCRA (Hedging).

David Swindin, Head of EMEA at Cubico, said: “This will be one of the largest portfolio financings closed in the UK market this year and we are very pleased with the great level of interest shown from our banking group.”