Octopus Investments closes up £174m biomass and landfill gas refinancing

It received funding from NatWest, HSBC, Allied Irish Banks, Investec, Barclays and Banco de Sabadell

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Octopus Investments has successfully refinanced its 172MW biomass and landfill gas portfolio in the UK, worth £174 million.

It secured a £152 million loan, £10 million in revolving credit and £12 million in the form of a debt service reserve facility, with funding coming from NatWest, HSBC, Allied Irish Banks, Investec, Barclays and Banco de Sabadell.

Its Melton Renewable Energy UK portfolio, which it acquired in 2015, consists of five biomass plants and 22 landfill gas sites.

The company’s Head of Energy Investments, Matt Setchell, said: “Following our record breaking solar refinancing last year, once again the Octopus team has delivered another significant transaction with this funding package for the biomass and landfill portfolio that we manage.”