Northland refinances 550-MW renewables portfolio in Spain

• Canadian power producer Northland Power Inc (TSE: NPI) has closed a non-recourse debt refinancing and also restructuring of a 550-MW portfolio of renewable energy parks in Spain, the company's expert Green Giraffe revealed.

Northland set up a EUR-690-million (USD 713.1 m) elderly debt package with Spanish loan provider CaixaBank SA (BME: CABK). The new elderly financing replaced the existing senior debt structured at the separate unique purpose vehicles level with a single holding degree financing, Green Giraffe claimed.

The portfolio has 435 MW of onshore wind, 66 MW of solar PV and also 50 MW of focused solar power distributed across 33 running assets throughout Spain. The assets are managed under Spain's Royal Decree 413/2014, Green Giraffe said.

Northland obtained the portfolio in 2021 in a transaction that enabled it to get in the Spanish renewables market.