JPMorgan and Banco Santander Lead £1.1B Loan for Drax's Solar Acquisition

JPMorgan Chase and Banco Santander are leading a group of banks in arranging debt financing for Drax Group's acquisition of Bluefield Solar Income Fund, according to a report by Bloomberg. The funding package totals £1.1B ($1.5B) and includes a bridge loan that will be marketed to institutional investors later this year or early 2027.

NatWest Group is also involved in the financing, which aims to support Drax's expansion into renewable energy. The banks may seek to refinance outstanding debt as part of the deal.

The news comes as lenders are poised to sell over $138B of buyout debt in coming months, according to JPMorgan estimates.