Global investment firm Cubico Sustainable Investments has completed the refinancing for 200MW onshore wind and solar photovoltaic (PV) projects in the UK.

The total amount of non-recourse, long-term project finance debt raised by the company includes £258m with a £14m debt service reserve facility.

The company noted that all the 17 wind and solar projects started operations from 2013-16. The portfolio is comprised of a mixture of ROC accredited and feed-in-tariff projects.

Cubico EMEA head David Swindin said: “This will be one of the largest portfolio financings closed in the UK market this year and we are very pleased with the great level of interest shown from our banking group.”

The banks that were mandated lead arrangers (MLAs) include National Australia Bank, Siemens Financial Services through its in-house bank Siemens Bank, ING Bank and Landesbank Hessen-Thüringen (Helaba).

“This will be one of the largest portfolio financings closed in the UK market this year.”

In order to enable further include renewable energy assets, the financing was structured as an open-ended portfolio and is intended to provide an efficient method to finance future projects. The new facility matures in 2035.

The MLAs were advised by Eversheds Sutherland for legal matters, and Natural Power Consultants for technical aspects. While Willis acted as insurance adviser, Mazars for tax and accounting, and Mazars offered model audit advice.

Cubico was advised by Watson Farley Williams for legal matters and JCRA for hedging.

Headquartered in London, Cubico’s invests in the renewable energy sector and its portfolio spans nine countries, with an installed gross capacity of nearly 2.6GW.

The company has a presence in different geographic locations, including the US, UK, France, Australia, Ireland, Italy, Spain, Portugal, Brazil, Mexico, and Uruguay.

Last month, Cubico has agreed to acquire five solar projects totalling 580MW from Cypress Creek Renewables (CCR).

These projects are in South Carolina, North Carolina, and Texas. The deal’s financial details have not been revealed.