Renewables firm completes £246m refinancing
Northampton-based renewables firm Infinis has secured a £246m debt package.
Lloyds Bank acted as a mandated lead arranger for the transaction, providing finance for Infinis’ portfolio of more than 150 energy generation sites, which produce more than 1,400 GWh of electricity for communities across the UK.
The new funding structure, which includes a £40m lending commitment from Lloyds Bank, will facilitate Infinis’ growth objectives in developing additional solar power generation.
Infinis has made significant progress in developing its solar division, aiming to co-locate solar PV technology on sites where it generates renewable power from captured landfill methane.
Infinis, which is owned by 3i Infrastructure, generated revenues of £161m in the year to March 2020.
Its operations are delivering a positive impact towards climate change, by capturing and converting more than 400,000 tonnes of methane into electricity, preventing more than an equivalent of six million tonnes of carbon dioxide (CO2) escaping into the atmosphere.
Keith Reid, chief financial officer at Infinis, said: “We have a proven, resilient renewable and low carbon energy generation business, and have a strategy focused on continued diversification into additional low carbon energy generation. This new funding structure, together with the continued support of our shareholder 3i infrastructure, will support our expansion into solar over the coming years ensuring we continue to support the UK achieving net zero status and a sustainable future.”
Jonas Persson, managing director of sustainable and natural resources at Lloyds Bank, said: “Funding the development of renewable energy generation has never been more important. Alongside offshore wind, power generation from captured methane and solar will play a central role in the UK achieving net zero status by 2050.
“The positive environmental impact of Infinis’ renewable power generation business is incredibly impressive and Lloyds Bank is proud to support the company to achieve its growth plans, benefitting both the environment and its investors.”
