M&G Investments injects £60m into UK solar power company Primrose

Caitlin Morrison
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Five solar farms will benefit from the new funding arrangement
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.”

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