Solar 21 sees green bonds for refinancing – but no new details on delayed redemptions

Renewable energy developer Solar 21 has told its investors it could refinance its existing assets with green bonds, but has not provided new details in its update on repayments deferred to Irish lenders on a key project.

In an update to investors, the Rathcoole, Co Dublin-based loan note specialist said the UK team was currently conducting a detailed assessment of the EFW 21 development – a major waste-to-energy plant in the UK – with project consultants, engineers and commercial consultants.

The news came when Solar 21, which did not respond to a request for comment, revealed it had plans to expand its project portfolio “on an unprecedented scale” with a £1 billion green energy park in North Lincolnshire.

In February, the Sunday Independent revealed that Solar 21 was looking for “financing solutions” after deferring repayments of the EFW 21 loans because they were owed to Irish investors – from whom Solar 21 had raised €250 million for the delayed UK renewable energy project.

Solar 21 has previously said attempts to secure a refinancing deal for the project have come under “various pressures”, including from the Covid pandemic and the war in Ukraine. In its latest update, the company said the project “requires an update to some of the environmental assessments and existing layout drawings”.

“The revised layout is to be considered by the local government, and this will take a minimum of 16 weeks from submission.”

The company said that “an important start has been made, which is a precondition to start the major works on site and also means that the current building permit will be permanently guaranteed – i.e. it will not expire.”

The building permit would expire in February, it is known. The investor update included photos of what were described as “temporary transport routes” and the start of a permanent access road. Solar 21 said in its investor update it had a £3.5 billion project pipeline and was preparing to submit a planning application for the green energy park in North Lincolnshire.

The investor’s update said that “a green bond strategy can fulfill multiple funding objectives, first to fund large-scale projects such as the North Lincolnshire Green Energy Park, and second, it could potentially enable Solar 21 to optimize and grow its current asset portfolio.” refinance.”