British Solar Renewables (BSR) has launched a subordinated holdco debt raise with the aim of raising around GBP 80m in financing, it is understood.

The Intermediate Capital Group-backed developer and IPP began circulating IMs to the lending market this week, with the transaction being overseen by Akereos Capital.

NPM reported on Akereos’s mandating in March. BSR is targeting financial close by Q2 2026, it is understood.

The launch of the subordinated holdco debt financing comes after BSR in early summer raised a GBP 345m senior debt facility from Lloyds Bank, NatWest, Commonwealth Bank of Australia (CBA), and Landesbank Baden-Württemberg (LBBW) to back the construction of a 609 MW portfolio of solar and battery storage projects across the UK.

The portfolio includes 12 co-located solar and BESS projects, expected to generate approximately 600 GWh of electricity annually.

*This story was originally published exclusively for NPM Europe subscribers.