Good Energy extended its non-recourse debt financing facility with GCP Infrastructure Investments Limited (GCP), a London listed infrastructure debt fund.

This second transaction with GCP, which extends the facility entered into in December 2014, means an additional maximum of £8.5 million ($13.28 million) will be available to the company to support the further development and construction of its solar generation portfolio.

Funds will continue to be drawn to coincide with the development and construction of each project, and the company also confirmed a further drawdown from the facility.

The drawdown amount is for £4 million ($6.25 million) and provides long term funding for Good Energy’s newest 5MW solar farm at Crossroads Plantation in Dorset, UK. This latest drawdown brings the total balance to date under the facility to £37.3 million ($58.28 million).

Good Energy will continue to retain 100% of the equity in each of the sites with the facility issued to Good Energy Generation Assets No. 1 Limited, a wholly owned subsidiary of the Good Energy Group.

The facility has a fixed rate of interest, with interest charges commencing as the funds are drawn down and is on competitive commercial terms with maturities aligned to the income of each asset.

The company has six operational solar farms, with a further site due to be built later this year.