Thurrock Council has received just over £510m in payments following the sale of Toucan Energy Holdings, which the council will use to pay down debt.
Cllr Andrew Jefferies, Leader of Thurrock Council, said: "This not only allows us to pay down a significant amount of debt, and reduces the borrowing costs associated with that debt, it also provides further clarity to our financial position as we continue to work towards Thurrock Council's financial recovery.
"There can be no doubt that there is much to still do to stabilise the council finances, however this shows the hard work that is going on in this area."
The portfolio of 53 solar farms has been acquired by Schroders Greencoat, completing the transaction in February 2024. The sale, and the distribution of proceeds, is the single biggest contributor towards the council's financial recovery.