Spring Park Capital announces second major refinancing

Spring Park Capital (“Spring Park”) has refinanced Blackmead Rooftop 1 Limited raising £20m in a Senior Secured RPI-linked bilateral loan arranged by The Renewable Financing Company (“TRFC”). Security was provided over 1911 residential solar installations comprising 7.7MW which Spring Park acquired from Ingenious Capital Management in April 2016 with equity financing from Foresight Group.

Spring Park is acquiring operating renewable energy installations being sold by EIS and VCT investors, restructuring and refinancing using long term non-recourse project finance debt to boost equity returns.

Jeremy Milne, Founding Partner at Spring Park, said, “This refinancing cements Spring Park’s reputation in the market as a buyer of high quality assets that are attractive to both debt and equity investors and provide long term stable index linked returns”

Justin May,  Executive Director at Independent Debt Capital Markets which owns TRFC said, “We are very pleased to conclude this refinancing with Spring Park. This transaction demonstrates our ability to arrange debt solutions for renewable energy companies and bring in high quality long term investors”

Capital for the transaction was supplied by Pensions Investment Platform (“PIP”)

Blackmead Rooftop 1 Ltd was advised by Mazars Infrastructure Finance, Osborne Clarke, Everoze, DNV GL and Infrata