Macquarie Infrastructure Debt Arm Finances UK Solar Project

Macquarie Infrastructure Debt Investment Solutions (MIDIS), part of Australian bank Macquarie Group (MQBKY), said on Monday it has financed a 29-megawatt solar photovoltaic project in Britain.

The 21.5 million pound ($33.17 million) debt facility is split into index-linked and fixed-rate tranches and will provide project owner and asset manager Quercus Assets Selection with 19 years of financing, MIDIS said.

The solar project is located in Pembrokeshire, Wales.

MIDIS invests in infrastructure debt for a range of global institutional investors. It had raised a total of 979 million pounds by the end of last year for its UK-inflation linked debt strategy.

"Increasingly, UK and European sponsors and developers of renewable energy projects, require innovative solutions to address their financing requirements," Kit Hamilton, senior vice president of MIDIS, said in statement.

"We worked closely with Quercus to understand their business needs, the construction risk and long-dated maturity profile and look forward to rolling out this solution to other projects in their pipeline." 

Reporting by Nina Chestney