Linklaters has advised Octopus Investments on the £485m refinancing of a 522MW portfolio of 74 ground-mounted solar photovoltaic (PV) assets in the UK – part of the largest portfolio of solar PV plants in Europe.

The transaction has been structured as a non-recourse portfolio financing, providing greater flexibility, including an ability to incur additional indebtedness and to make further asset acquisitions and disposals. The transaction also features a flexible rolling power offtake strategy, which enables Octopus to maximise value for the portfolio whilst still supporting limited recourse finance.

Richard Coar, Partner, Co-Head of Renewables, Linklaters, said:
“We are incredibly proud to have been able to assist Octopus in successfully refinancing Europe’s largest solar PV portfolio. The structure, which contains a number of innovative features, demonstrates the flexibility of the financing community to embrace concepts which, whilst perhaps being more familiar in the wider renewable and thermal sectors, do not commonly feature in solar PV transactions. We look forward to continuing to work with Octopus to help ensure that they remain at the leading edge of the renewables market.”

Linklaters team: Richard Coar (Partner), Francesca Matthews (Managing Associate), Elisabeth Johnson (Managing Associate), Albert Yu (Associate), Benjamin Baker (Associate), Caroline Inker (Associate), Tom Waters (Associate).