British Solar Renewables Secures Funding for 124 MW Solar and Storage Projects

British Solar Renewables (BSR), an integrated solar project developer in the UK, secured an undisclosed amount of funding for solar PV and battery storage projects portfolio with a total capacity of 124 MW located in the UK and Australia. The funding was provided by Commonwealth Bank of Australia and Lloyds Bank.

The portfolio comprises five built or in-build co-located solar, battery energy storage, and standalone solar assets, with a combined solar generation of 132 GWh per year. The clean energy generated will power over 30,000 households.

The portfolio is part of BSR’s pipeline of solar PV and battery energy storage systems (BESS) projects that the company is expected to deliver, build, own, and operate. Besides being the developer, long-term owner, and EPC contractor, BSR will provide operations and maintenance (O&M) and asset management to the projects.

ICG, an alternative asset manager, in July 2022 announced that its debut Infrastructure fund, ICG Infra I, has acquired BSR.

ICG’s Paul Leveque, Associate Director of Infrastructure Equity, commented, “We are thrilled to see BSR secure a new debt facility to support the development of renewable projects across the 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”.

James Taylor, Head of Infrastructure and Project Finance at Lloyds Bank said, “We’re pleased to build on our strong relationship with ICG and proud to support British Solar Renewables with a financing platform to unlock their pipeline of renewable assets”.

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

AMEA Power, a developer, owner, and operator of renewable energy projects, reached financial closure recently for its 120 MW Doornhoek Solar project located in South Africa. When commissioned, the $120 million project will be the company’s first operational asset in the country.