Renewables Infrastructure Group Ltd on Monday said it refinanced and increased its multi-currency revolving credit facility.
Renewables Infrastructure is a Guernsey-based renewable energy infrastructure investment company, with a portfolio of wind, solar and battery storage projects across six countries in Europe.
It said the renewed RCF would increase to £750 million from its previous facility of £600 million, running on a three-year term ending December 31, 2025.
The RCF interest rate is between 180 and 190 basis points over base rates for pound sterling and euro borrowings, depending on Renewables Infrastructure’s performance against the agreed sustainability targets.
The consortium of lenders includes National Australia Bank, Royal Bank of Scotland International, ING, Sumitomo Mitsui Banking Corporation, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.
Renewables Infrastructure said the RCF extension ‘supports the company’s strong balance sheet, with significant headroom alongside retained earnings both to satisfy development and construction commitments and to take advantage of other attractive investment opportunities.’
The RCF is £413 million drawn.
Shares in Renewables Infrastructure were down 0.3% to 132.60 pence each in London on Monday morning.
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