South Africa’s Investec Bank and private investment company Low Carbon have partnered to fund four solar PV plants in the UK.

Low Carbon has funded development by Inazin Power and is providing construction equity with Investec supplying debt for the projects.

The facilities are located in the South and South West of England and will have a combined capacity of 23MW.  They are set to enter commercial operation in February and March this year, serving more than 7,200 households.

Olivier Fricot, a Director within Investec’s project and infrastructure finance team said: “We are delighted to provide financing to solar parks being built by one of the leading UK investors in renewable energy projects.  This transaction continues Investec’s strong track record in the solar sector both in the UK and overseas.  We are very keen to deploy more capital in the UK renewable space and in supporting dynamic entrepreneurs such as Low Carbon.”

John Cole, Chief Investment Officer of Low Carbon added:  “Working with Investec has been exceptional. They share the same vision that we have of directing investments into projects that not only offer good returns, but also offer an energy alternative to fossil fuels.  This transaction evidences the growth of Low Carbon and follows on from the successful development, construction and operation of other solar parks we have invested in.  We look forward to closing many more financings with the pipeline of future projects we have under development.”

Burges Salmon advised Low Carbon and Inazin Power and the transaction was project managed by Paul Doherty and Ailsa Fudge.  Other lawyers involved included Razina Akhtar, Harriet Robinson, Cathy Lau, Ashley Flanagan, James Phillips and Sophie Summers.  Client Partner for Low Carbon, Euan Bremner, commented:  “We have worked with Low Carbon and Inazin since their first foray into UK renewables and we are delighted to have worked on this project financing and look forward to working on their pipeline of future projects.”

Steve Mack, General Counsel at Low Carbon, commented: “Burges Salmon has lived with these projects from birth and once again mobilised their team to close the transaction with us in a short time frame.”

http://www.burges-salmon.com/Sectors/energy_and_utilities/renewables/Ne…