Solar 21 is reviewing green bonds for refinancing – but no new details on late repayments


Renewable energy developer Solar 21 has told investors it could refinance its existing assets with green bonds, but gave no new details in the update about the repayments that have been delayed to Irish backers of a key project.

In an investor update, the Rathcoole, Co Dublin-based promissory note specialist said its UK team is currently conducting a detailed review of the EFW 21 development – a major waste incineration plant in the UK – with project consultants, engineers and commercial advisers.

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

In February, the Sunday independent revealed that Solar 21 was looking for “financing solutions” after the repayment of EFW 21 loan notes was delayed as they are due to Irish investors – of whom Solar 21 had raised €250m for the delayed UK renewable energy project.

Solar 21 has previously said efforts to secure a refinancing deal for the project have faced “various stresses” including from the Covid pandemic and the war in Ukraine. In its latest update, the company said the project “would require an update of some environmental impact assessments and existing layout drawings.”

“The revised layout will need to be reviewed by the local authority and this will take at least 16 weeks after submission.”

The company said that “a significant start of construction has been achieved, which is a prerequisite for the commencement of major work on site and also means that the current building permit is permanently secured – ie it will not expire.”

According to reports, the building permit should have expired in February. The investor update included photos of so-called “temporary haul roads” and the start of a permanent access road. Solar 21 said in its investor update that it has a £3.5bn project pipeline and is preparing to submit a planning application for the green energy park in North Lincolnshire.

The Investors Update said that “a green bond strategy can meet multiple funding objectives, first funding large projects such as the North Lincolnshire Green Energy Park and second potentially enabling Solar 21 to optimize its current portfolio of assets and to refinance.” Solar 21 is reviewing green bonds for refinancing – but no new details on late repayments

Fry Electronics Team

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