British Solar Renewables (BSR) has achieved a significant milestone by finalizing its inaugural portfolio financing deal, supporting a collection of five solar and battery energy storage projects in both the United Kingdom and Australia, with a combined capacity of 124 megawatts (MW).
The solar developer disclosed that the debt facility for the projects was provided by Commonwealth Bank of Australia and Lloyds Bank, although specific financial terms were not disclosed.
The financing arrangement will underpin a diverse portfolio featuring solar-plus-storage ventures and standalone battery installations. Collectively, these photovoltaic (PV) parks are anticipated to generate 132 gigawatt-hours (GWh) of electricity annually, catering to the energy needs of over 30,000 households. Revenue streams for these projects are supported by utility and corporate power purchase agreements (PPAs) as well as Contracts for Difference (CfDs).
BSR, predominantly owned by capital solutions provider ICG Infrastructure, will take on the operational and asset management responsibilities for the projects.
With a track record of developing nearly 1 gigawatt (GW) of solar and energy storage projects, BSR recently secured planning consent for additional solar ventures, including two 21-megawatt peak (MWp) projects in East Suffolk, England, and a 19-MW plant in Essex.
Michael Ozersky, Chief Investment Officer at BSR, expressed pride in reaching this significant milestone, stating, “I'm very proud of this significant milestone as we continue to grow, build long term relationships with key stakeholders and create value for our shareholders.”
Paul Leveque, Associate Director of Infrastructure Equity at ICG, commented on the achievement, saying, “We are thrilled to see BSR secure a new debt facility to support the development of renewable projects across UK and Australia. As the majority shareholder, we are proud to be part of the energy transition and support their efforts towards a sustainable future.”
Commonwealth Bank of Australia (CBA) also weighed in, expressing satisfaction with their support of BSR's growth trajectory, stating, “CBA is pleased to have backed BSR on its first portfolio financing in supporting its growth and future ambitions across the United Kingdom and Australia. We recognize the strength of the portfolio and potential of BSR in driving the energy transition.”
