Operis provided a formal model audit and tax review of the financial model Innova Energy used in support of the refinancing of its 57MW solar farm portfolio.
In September 2020, Innova Energy secured the £30m refinancing of its portfolio of solar energy farms from NatWest. The loan uses the Sterling Overnight Index Average (SONIA) as its reference rate, making this project financing one of the first of its kind to use the SONIA reference rate. SONIA is expected to be more widely used for future project finance facilities, with LIBOR to be discontinued from 2021.
The solar farms included in the portfolio utilise both Renewable Obligation Certificates (ROCs) as well as Feed-in Tariffs (FiTs).
