Downing extends loan facility worth £30m for solar asset portfolio

Downing LLP (Downing) is pleased to announce that it has completed an extension of a £30 million term loan facility (Term Loan) with NatWest for a portfolio of c.48MWp of solar assets in England and Northern Ireland.

The Term Loan was completed via Juno Holdings Limited, which is a fully-owned subsidiary of Bagnall Energy Limited – part of Downing’s Estate Planning Service.

Term Loan Facility

The Term Loan was initially agreed in June 2019, with a repayment date scheduled for the end of January 2022. The repayment date was extended for a further three years, with a additional funding initiatives currently under discussion between Downing and NatWest designed to further assist Downing’s planned investment activity. 

The extension of the Term Loan, completed on the basis of attractive pricing and terms, reflects the high-quality and strong operational profile of Downing’s solar assets, which benefit from long term contractual arrangements and are serviced by Downing’s experienced asset management team. 

Tom Williams, Partner, Head of Energy and Infrastructure at Downing LLP, commented: "We are pleased with the outcome of this process and look forward for the results of our further work with NatWest. The extension of the Term Loan offers certainty in the capital structure of Juno and allows for Bagnall to focus on its pipeline of investment opportunities. The Term Loan further enhances our ability to continue our strategy of diversifying our portfolio by geography, technology, construction stage and revenue." 

Bruce Riley, Managing Director, Infrastructure & Project Finance, said: We’re delighted to have been able to support Downing LLP with the extension of this facility. At NatWest, we continue to play a leading role in supporting the sustainable and renewable energy sectors in the UK. This funding and the ongoing discussions on other projects, are examples of how we support our customers and the UK becoming a more sustainable economy.”

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About Downing LLP

Downing is a fast growing, entrepreneurial investment manager based in the City of London. We believe a great investment opportunity isn’t just financial, it’s a chance to invest in things that matter – our environment, our health, our society, our local communities and our economy. Our ability to adapt and innovate to create investment products for our customers is key to our growth and success and our core values are vital to everything we do – from the businesses we invest in to the people we hire.