Cubico re-finances Spanish solar

May 26, 2021 01:35 PM ET
  • Investor got the 50MW Moron and Olivenza developments in March
Cubico re-finances Spanish solar
Image: Cubico

Cubico Sustainable Investments (Cubico) has actually achieved financial close on the refinancing of the Moron and Olivenza concentrated solar power (CSP) projects in Sevilla and Badajoz, Spain.

The refinancing of the projects, which were gotten in March this year as part of the Grupo T-Solar portfolio and have an ability of 50MW each, was completed with an environment-friendly car loan.

The green lending adhere to the Green Financing Concepts and is the 4th of this type in Cubico's Spanish portfolio, adhering to the refinancing of the 50MW Arenales, Andasol I and Andasol II CSP plants last year.

Furthermore, a hedge by-product has actually been implemented to cover interest rate risks.

The tool includes a prices device that incentivises the renovation of the water footprint of the CSP plants.

It is the first of its kind in Cubico's portfolio and one of the very first in Spain.

The loan providers club is comprised of the following mandated lead arrangers (MLAs): Aviva Investors, CaixaBank, Export Development Canada, ING, Rivage Investment, Santander Corporate & Investment Banking and Societe Generale.

Cubico was advised by Watson Farley & Williams (lawful) and Chatham Financial (hedging).

The MLAs were recommended by Clifford Chance (legal), Altran (technical), Eisenar (insurance policy) and EY (tax and version audit).

Santander Corporate & Investment Banking functioned as bookrunner for the institutional capitalists and as hedge organizer.

Cubico head of EMEA David Swindin stated: "We are delighted, once more, to have actually seen the strong hunger from banks and institutional lenders for fundings linked to projects funded by Cubico.

" I think our long-lasting method to ownership is welcomed by lenders and we eagerly anticipate more opportunities in the Spanish market."

Cubico head of Iberia José Canales included: "Cubico's commitment to sustainability makes a solid ESG schedule a crucial column of our approach.

" We are for that reason very pleased to strengthen this commitment with this eco-friendly financing, made a lot more substantial by our initial ESG-linked hedge.

" The ESG project, which will certainly aid us to sustainably manage the life time water impacts of the Moron and Olivenza assets, aligns our economic rewards with accountable operations."

Head of Santander CIB Markets Iberia Carlos Ciervide claimed: "We are delighted to support Cubico on a deal that incentivises the renovation of water monitoring at its Moron and Olivenza solar projects and even more generally aligns our institutions' sustainability top priorities.

" We are highly committed to more establishing our advisory and risk management products that promote sustainability and lasting source monitoring."

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