Lynher Energy, a joint venture between Napier Park Global Capital, an alternative asset manager, and Ethical Power, an integrated renewable energy solutions provider, secured a bank facility of £52.7 million (~$66.85 million), comprising development and term loans.
Lynher Energy secured the bank facility with Close Brothers to help finance the development and construction of several renewable energy assets.
The first use of the facility is to help finance the construction of the 26.1 MW Twitch Hill Solar project, which Lynher Energy acquired in March 2023. The EPC contract for the project has been awarded to Ethical Power, with the construction set to begin soon.
“The agreement with Close Brothers signifies an important step for us in executing our investment strategy and in meeting our objectives of creating a diversified portfolio of solar and battery assets,” comments Chris Sparrow, Managing Director at Napier Park Capital and Director of Lynher Energy.
“This step not only reinforces our commitment to sustainable energy development but also underscores the strength of our long-standing partnership with Ethical Power,” he further added.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
PAD RES, a solar and wind project developer, recently secured PLN 240 million (~$58.49 million) to construct two solar projects totaling 117 MW in Poland. The financing agreement was signed with the Polish Development Fund (PFR). The financing secured from PFR will be used for two new PAD RES investments in the Pomeranian Voivodeship, specifically near the towns of Sztum and Mikołajki Pomorskie. Electrum, Climate Tech Business, has been chosen as the general contractor for both investments.
