Cubico re-finances 100MW of Spanish solar thermal

Jan 14, 2021 06:29 PM ET
  • Renewables driver secured 2 green fundings for the Andasol 1 and 2 CSP plants in Granada
Cubico re-finances 100MW of Spanish solar thermal
Image: Grupo ACS

Renewables investor Cubico has achieved economic close on the refinancing of the Spanish Andasol 1 and Andasol 2 concentrated solar energy (CSP) projects, completing 100MW.

The refinancing of the 50MW projects, both situated in Granada, was finished with 2 green loans.

The green loans follow the Green Loan Principles and are the third and 4th of this enter Cubico's portfolio, complying with the refinancings of a 99MW wind portfolio in Italy in 2019 as well as the 50MW Arenales CSP plant in Spain in 2014.

Andasol 1 and also 2 became functional in 2008 and 2009, utilize allegorical trough thermosolar modern technology with seven-and-a-half hrs of molten salt storage space each.

The finances' mandated lead arrangers were Banco Santander, Bankinter, BNP Paribas, Credit Agricole CIB, Export Development Canada as well as Societe Generale.

Cubico was suggested by Herbert Smith Freehills (lawful) and Chatham Financial (hedging).

Cubico EMEA head David Swindin said: "Once again our banks have revealed a superior degree of assistance to Cubico to enable us to shut this refinancing with a really limited timeframe.

" The Andasol plants remain a core part of our portfolio and we expect working with the banks on future development chances in Europe."

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