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Foresight Solar Fund Ltd - Jersey-based solar-power investor - Completes €28.0 million senior debt facility for its 98.5 megawatt Lorca portfolio in Granada, Spain.
The debt facility will be provided by BayernLB on ‘attractive’ terms. ‘The interest rate is fixed at a competitive rate to the market. The debt facility enables project Lorca to optimise its capital structure and deliver higher cash yields whilst complying with financial covenants and debt service coverage ratios,’ Foresight Solar says.
Lorca is currently under construction and on track track to be grid connected and exporting electricity by June 2022. It has already signed a ten-year fixed price power purchase agreement with Norway's Statkraft.
Foresight Solar's total outstanding debt now is £538.0 million.
Current stock price: 111.69 pence
12-month change: up 9.5%
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