Island Green Power (IGP) and Foresight Group have launched the debt raise for the 605 MWp West Burton solar + 20 MW co-located BESS project in Lincolnshire, with financial close targeted by early summer, it is understood.

The project’s backers are working with Evercore on the transaction, with the financial advisor believed to have issued a lender IM to the debt market in early April and a request for RFP submissions later this week.

IGP and Foresight are understood to be aiming to raise around GBP 350m in debt, and to close the deal by late Q2.

West Burton secured a 20-year CfD at a strike price of GBP 65.23 /MWh (in 2024 prices) for 480 MW of its capacity in the UK’s CfD Allocation Round 7 in Q1.

IGP group CEO Bob Psaradellis told NPM in an interview in November 2025 that the developer expected to cover around 70–75% of its capex needs with senior debt should its planned AR7 bid for West Burton be successful.

The groups are believed to be looking to secure debt with a tenor in excess of 11 years. The term loan is forecast to price in the region of 150bps plus Sonia, based on other CfD-backed solar financings recently closed or currently in the market.

West Burton previously secured a 2028 grid connection date although this is now subject to NESO’s grid reform process.