Investments has provided 拢247m (鈧�348m) in senior finance for a UK solar park portfolio.

The investment manager said it provided Lightsource Renewable Energy Holdings with a refinancing package with a 22-year term.

鈥檚 Infrastructure Debt Fund II said it is providing 拢49m to the firm.

M&G鈥檚 deal is the largest institutional refinancing in the UK ground-mounted solar photovoltaic sector.

The manager said its position in the refinancing takes its debt investment in the sector to more than 拢385m in the past 12 months.

The investment was made on behalf of Prudential and M&G鈥檚 pension fund clients.

John Mayhew, head of infrastructure finance at M&G, said: 鈥淐onsolidation within the solar sector is providing investable opportunities for institutional clients.

鈥淭he injection of one-quarter of a billion pounds of long-term institutional financing will enable Lightsource to grow and develop further sites across the UK,鈥� he said.

鈥淭he investment characteristics are attractive to our clients, and we are keen to carry out more deals of this nature.鈥�

The portfolio of 33 fully operational solar parks is mainly in the south and east of England, with a further 14 assets under construction and expected to be operational by year-end.

Paul McCartie, structured finance director at Lightsource, said: 鈥淩efinancing deals such as this are an essential element in allowing companies within the solar industry to grow and develop.鈥�

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