Renewable energy developer Low Carbon has raised more than £500 million ($635 million) in senior and holding company debt facilities from a group of ten international banks, as part of a wider refinancing that will see infrastructure investor CVC DIF become its majority shareholder.
The company said the 10-year senior facility will refinance an existing construction line supporting a 1-gigawatt portfolio of solar and battery storage assets, while a separate five-year holdco facility will fund development activity and construction equity for future projects.
Low Carbon added that the platform-style financing structure allows new assets to be added as its portfolio expands across Europe, supporting its ambition to build 3 GW of operational utility-scale solar, onshore wind and battery storage capacity.
The debt package includes existing lenders Lloyds, NatWest, Intesa Sanpaolo and AIB, alongside new banking partners Société Générale, HSBC, DNB, CIBC, Santander and SMBC.
“Long-term partnerships with investors and lenders are fundamental to Low Carbon’s continued growth,” chief executive Roy Bedlow said.
“This landmark capital raise demonstrates the confidence that leading international banks have in our vision and ability to deliver large-scale renewable energy to the grid,” he added.
Fernando Dominguez de Posada, head of financing at Low Carbon, said the transaction reflected the company’s relationships across debt markets.
“This debt raise is a testament to Low Carbon’s ability to raise flexible and efficient capital utilising a wide range of senior and subordinated products,” Dominguez de Posada said, adding that it would allow the company to continue supporting the energy transition.
