UK-based renewable energy producer British Solar Renewables (BSR) announced that it has secured up to £130 million (USD$174 million) in a financing agreement with Paris-based asset manager Eiffel Investment Group, aimed at supporting investment in its renewable energy portfolio in the UK and Australia.

Founded in 2010, British Solar Renewables develops, builds, owns and operates utility-scale solar, battery storage and wind projects. BSR is majority owned by global alternative asset manager ICG.

The new financing takes the form of a mezzanine facility to support BSR’s platform growth, and is backed by around 700MW of highly contracted solar and co-located renewable energy assets across the UK and Australia.  The funding is expected to provide capital to support BSR’s growth strategy and ongoing investment across its renewable energy platform.

Tim Humpage, CEO, British Solar Renewables, said:

“As we continue to scale across the UK and Australia, the mezzanine facility from Eiffel provides the flexible capital we need to advance our pipeline and invest across the platform.”

The financing was provided on a sole lender basis by Eiffel Investment Group

Jean-Charles Arrago, Managing Director at Eiffel Investment Group, said:

“This transaction marks our support to the energy transition in the UK, a country which benefits from an attractive and balanced incentive policy. BSR has built an impressive platform of highly contracted renewable assets thanks to a highly talented and seasoned team, that we are very pleased to support.”