Quinbrook finalizes funding for UK’s largest hybrid project

Quinbrook, a strategic investor secured GBP 238.5 million in debt financing for Cleve Hill Solar Park, the UK's largest solar + storage project. The financing, arranged in two tranches, includes a GBP 218.5 million term loan and a GBP 20 million VAT facility. Cleve Hill, located in Kent, features 373 MW of solar and 150 MW of storage. As per Quinbrook, the project secured the largest solar contract in Round 4 of the UK’s Contract for Difference auction. It has also signed a 15-year offtake agreement with Tesco for 65% of its solar generation and a 15-year Capacity Market Agreement for its storage system. These contracts have brought its total contracted and index-linked revenues to over GBP 480 million. The project is expected to begin operations in 2025.