Primrose Solar is being provided with £60m from M&G Investments to finance five UK solar wind farms.

The inflation-linked financing is repayable over 18.5 years and is provided by M&G's clients seeking secure cash flows over the long term.

The financing is secured against five solar farms, with a total installed capacity of 80 MegaWatts (MW), generating enough electricity to power approximately 18,000 average homes. Four sites have been operational since March 2014 and are located in Glamorgan, Norfolk and Dorset. The fifth site at Canworthy Water in Cornwall, was connected to the grid in December with a capacity of 41 MW, and is one the largest operational solar sites in the UK.

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Tim Huband, Head of Project & Infrastructure Finance, M&G Investments, said: "These landmark transactions inject long-term institutional financing into the emerging solar power sector. We have structured the deals to deliver inflation-linked returns, with good security to our pension fund clients.

"Given this is a relatively new sector seeking institutional investment it is essential for deals to be structured to protect client capital and ensure risks are appropriately rewarded. The investment characteristics on offer from this sector are attractive to our clients and we are keen to do more."

(CD/JP)