Whirlbush Farm in Buckinghamshire combines sheep grazing with solar panels, approved by Buckinghamshire Council in 2022. Metlen Energy and Metals, the London-listed Greek conglomerate, acquired the approximately £32mn project after planning approval was granted. To isolate financial risk, Whirlbush was placed in a UK-registered special-purpose vehicle (SPV).
Metlen subcontracted construction, and the project switched on in June 2024, operating near its 50MW capacity. On December 19 last year, Whirlbush joined five other projects under a shared £77.6mn loan from Alpha Bank registered under the composite debenture "Project Vision". Metlen sold the package of UK solar assets, including Whirlbush, to Schroders Greencoat in February, completing the sale on May 26.
The loan was repaid as part of the transaction. Metlen explained the structure as a standard project-finance arrangement allowing multiple projects to share a single facility, reducing complexity and costs. However, the timing of the loan drawdown and subsequent sale raised questions about whether the SPV ringfence principle was respected.
Metlen maintains the financing followed normal due diligence and was not year-end window-dressing, noting that audited accounts consolidate all SPVs, making the net effect neutral on the parent balance sheet.
Source: Financial Times Companies · Summarized by HeadlinesBriefing