Lynher Energy is a joint venture between a Napier Park Global Capital (a leading alternative credit and real asset manager) and Ethical Power (the UK’s only vertically integrated renewable energy company) which focuses on developing and managing solar power generation and battery energy storage assets.
The bank facility is for a total amount of £52.7 million, comprising development and term loans.
This financial arrangement extends and builds on the existing long-term relationship between Ethical Power and Close Brothers and underscores the confidence in Lynher Energy's vision and strong pipeline of projects.
"The agreement with Close Brothers signifies an important step for us in executing our investment strategy and in meeting our objectives of creating a diversified portfolio of solar and battery assets," comments Chris Sparrow, Managing Director at Napier Park Capital and Director of Lynher Energy." This step not only reinforces our commitment to sustainable energy development but also underscores the strength of our long-standing partnership with Ethical Power."
The first use of the facility is to help finance the construction of the highly anticipated 26.1MW Twitch Hill Solar Farm which was acquired by Lynher Energy in March 2023. The EPC contract for the project has now been awarded to Ethical Power with start of construction imminent.
About Lynher Energy
Lynher Energy is the joint venture established by Napier Park Global Capital and Ethical Power to invest in large-scale solar and battery storage assets in the UK and Europe. The combination of Napier Park’s extensive experience in sponsoring industry-leading joint ventures combined with Ethical Power’s capabilities and knowledge in the development, construction, operation and maintenance of large and complex solar projects offers the ability to develop high-quality, valuable assets while pursuing a long-term goal of reducing carbon consumption and transitioning toward green energy resources.
About Close Brothers Asset Finance and Leasing
Close Brothers Asset Finance and Leasing offers a range of flexible funding options including hire purchase, leasing and refinancing, and is a member of the Close Brothers Group.
Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. They employ over 4,000 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.
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