MIDIS backs UK solar refinancing

Macquarie’s infrastructure debt platform is providing three facilities to A Shade Greener, a residential housing and solar PV operator.

Macquarie Infrastructure Debt Investment Solutions (MIDIS) has provided three financing facilities to A Shade Greener (ASG), a private UK residential housing and commercial solar photovoltaic (PV) operator.

The total funding amounts to £155 million (€215 million; $229 million) and has been used to refinance free solar portfolios of solar panels supplied on a feed-in-tariff basis.

The financing was advanced as part of a framework agreement between MIDIS and ASG under which MIDIS agreed to provide refinancing for portfolios of ASG’s operational free solar assets. The refinancing allows ASG to recycle capital and enable the roll-out of its business model.

“The UK solar PV sector is supported by an established and stable regulatory framework and we are delighted to partner with the leading free solar operator in the industry,” said Kit Hamilton, senior vice president at MIDIS, in a statement.

The deal follows MIDIS’ recent £21.5 million financing of one of the UK’s largest solar projects in Pembrokeshire, in which it was mandated by Quercus Assets Selection, the renewable energy infrastructure fund manager.

MIDIS, part of Australian financial giant Macquarie, invests in infrastructure debt on behalf of a range of global institutional investors. The platform currently has more than £1 billion for its UK inflation-linked debt strategy, which includes separately managed accounts and a pooled fund.