Five solar farms across the UK have gained new funding, with M&G Investments agreeing to provide £60m to Primrose Solar.
The inflation-linked financing, arranged by Novatio Capital, is repayable over 18.5 years and is provided by clients of Prudential-owned M&G seeking long-term secure cash flows.
Tim Huband, the head of project and infrastructure finance at M&G, said: “These landmark transactions inject long-term institutional financing into the emerging solar power sector. We have structured the deals to deliver inflation-linked returns, with good security to our pension fund clients.”
Giles Clark, Primrose Solar’s chief executive, added: “We are very pleased to have worked with M&G and Novatio Capital to complete the refinancing of five solar farms. Securing long-term financing from a major institutional investor such as M&G is a strong endorsement of the quality of these sites.”