UK-based renewable energy developer Low Carbon has completed a major debt refinancing, raising more than £500 million, approximately $685 million, in one of the largest transactions of its kind in the European renewables market. The financing was arranged with a syndicate of ten international banks and strengthens the company’s balance sheet as it accelerates growth across solar, onshore wind, and battery storage assets.

Founded in 2011, Low Carbon operates as an independent power producer with around 1 gigawatt of renewable capacity either operational or under construction. Beyond its existing portfolio, the company has built a substantial development pipeline totaling roughly 16 gigawatts across multiple European markets, positioning it for long-term expansion as electricity demand and decarbonization targets intensify.

Financing Anchored by New Ownership Structure

The refinancing forms part of a broader capital package following the entry of CVC DIF, the infrastructure strategy of private markets investment manager CVC, as the majority shareholder in Low Carbon. The acquisition, announced in December 2025, secured more than $1.4 billion in capital to support the creation of a scaled, pan-European independent power producer.

The transaction reflects a growing appetite among infrastructure investors to back platforms with diversified technologies and long-term development pipelines. By pairing new equity ownership with large-scale refinancing, Low Carbon is now better positioned to deploy capital efficiently across construction and development stages.

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Strong Support From International Lenders

The deal brought together a broad banking group, combining long-standing partners and new entrants. Existing lenders such as Lloyds, NatWest, Intesa Sanpaolo, and AIB were joined by new lenders including Société Générale, HSBC, and Santander.

The depth of lender participation underscores continued confidence in large-scale renewable energy financing, even amid tighter credit conditions and higher interest rates across Europe.

Growth Strategy and Market Confidence

Chief Executive Officer Roy Bedlow said the refinancing highlights the importance of long-term partnerships with both investors and lenders, noting that the transaction positions the company to accelerate delivery of its renewables pipeline and expand the volume of clean power supplied to the grid.

From the banking side, Victoria Whitehead, Head of Infrastructure and Transport at Lloyds, described the financing as a milestone in Low Carbon’s growth journey, reflecting a relationship that has spanned the company’s development since its founding. Bruce Riley, Head of Project Finance at NatWest, emphasized the strength of the long-term partnership and the shared commitment to delivering large-scale renewable infrastructure.

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Implications for European Renewable Infrastructure

The refinancing signals sustained institutional and banking support for established renewable platforms with diversified assets and deep development pipelines. For the European energy transition, transactions of this scale play a critical role in moving projects from development into construction and operation, particularly as grids absorb increasing volumes of variable renewable generation.

With new ownership, expanded debt capacity, and a sizeable pipeline, Low Carbon is positioning itself as a consolidating force in Europe’s renewables sector, capable of delivering long-duration infrastructure aligned with both climate targets and long-term investor returns.

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