Railpen-backed AGR Renewables expands UK footprint with new debt financing
AGR Renewables has secured new debt financing to support the buildout of its UK portfolio. The Railpen-backed energy infrastructure operator secured senior debt financing from German lender BayernLB. The amount of financing was not disclosed.
The portfolio financing will support five co-located solar PV and battery storage projects across the UK. AGR has thus far delivered over £2bn in UK energy infrastructure assets and has £400m under construction.
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“This financing is a testament to the quality of our assets and the strength of our vertically integrated model”, commented Oliver Breidt, AGR’s founder. Breidt notes the combination of solar and storage is intended to ensure grid stability.
“We are well on target to deliver 1 GW of sustainable assets by the end of 2027. Our secured pipeline of over 1.5 GW positions us perfectly to meet the growing energy demands of data centres and industrial users, driving the next phase of our strategic growth”, he adds.
Railpen acquired a 50% stake in the company nearly two years ago. Cristiana Dochioiu, an investment manager at Railpen says the latest transaction marks an important milestone for AGR.
“This represents an important milestone for AGR and reinforces Railpen’s commitment to investing in long-term infrastructure that supports the UK’s transition to a more resilient, secure and low-carbon energy system”, said Dochioiu who also serves on AGR’s board.
At a time when energy supply resilience is high up on investor agendas, Dochioiu notes the financing will contribute to building energy security across the UK.
AGR’s solar assets – included in the financing – have secured contracts for differences (CfD) under the 7th allocation round. AGR says the contracts provide revenue visibility to back up its long-term investment proposition.
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