On 25 March 2015 the GCP Infrastructure announced the completion of a loan with an aggregate value of £59.7 million secured on a senior basis against the cash flows arising from a number of portfolios of domestic solar panel installation in England.
They have now announced the completion on 14 April 2016 of a refinancing by Aviva of this loan. Pursuant to this refinancing, the Company will retain a subordinated investment of £23.9 million secured against the cash flows from the same portfolios of solar assets at a materially enhanced rate of return.
Following this refinancing, the Company has partially repaid £32.0 million of its £50 million revolving loan facility, with the drawn down balance on the facility now standing at £18.0 million.
GCP : GCP refinances solar loan