On 23 December 2021, 7 solar assets ultimately owned by Community Owned Renewable Energy Ltd (“CORE LLP”) and 1 solar asset ultimately owned by CORE Home Nations Limited (“CORE HN”) a company with common directors, entered into a new , 15 year senior debt facility with Abrdn Plc, through a new company, CORE Portfolio Investments Limited (“CPIL”).
As part of the debt restructuring all unpaid loans and interest owed to the company and its fellow intermediate holding companies, by its respective solar asset, were novated to CORE Community Investments Limited (“CCIL”) who immediately novated the same amounts onto (“CPIL”).
The company and its fellow intermediate holding companies jointly own (“CCIL”) and (“CCIL”) wholly owns (“CPIL”).
(“CCIL”) intention is to raise junior secured finance on behalf of the 8 solar assets who will use the funds to repay the novated loans and interest owed to (“CPIL”) for onward repayment to (“CCIL”) and eventually to repay the parent company, (“CORE LLP”)
On an on going basis, the company incurs limited administrative expenses, which is funded by interest income on the loan novated to (“CCIL”).
At the time of approving the financial statements, a review of cash flow forecasts for the company indicate that for the foreseeable future the company will be able to settle all liabilities as they fall due from working capital. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.