RBS International has supported the UK’s largest listed renewable energy fund, Greencoat UK Wind, by successfully co-ordinating the increase and extension of its revolving credit facility to £600 million (US$799.3 million), and transition to the reformed interest rate benchmark Sonia, or Sterling overnight index average.
The facility, which will be used to support a strong pipeline of UK offshore and onshore wind farms, will be supported by RBS International and three additional lenders. RBS International has taken a £150 million hold, demonstrating NatWest Group’s pledge of £100 billion climate and sustainable funding and financing by the end of 2025.
Greencoat UK Wind was the first renewable infrastructure fund to list on the London Stock Exchange main market and is the only renewable infrastructure fund domiciled in the UK. It has a portfolio comprised of 40 operating wind farms, with a gross asset value of over £3.5 billion, which generate sufficient electricity to power 1.3 million homes and reduce carbon-dioxide emissions by approximately 1.6 million tonnes per year.
Brad Mitchell, director of institutional banking at RBS International, says: “The £150 million hold is testament to Greencoat UK Wind’s continued strong performance, and demonstrates the bank’s commitment to tackling climate change and sponsorship of COP26.”