The deal is the first in Spain to meet the solar criteria of the ICMA’s Climate Bond Standards to ensure alignment with the 2016 Paris Agreement to combat climate change.
The portfolio comprises 62 plants with a total installed capacity of 154 MW.
The financial entities involved include CaixaBank and BNP Paribas Fortis as global coordinators, bookrunners, and mandated lead arrangers (“MLAs”) for the long-term bank debt facilities.
The bonds are subject to English law and were subscribed to by two institutional investors through a private placement. They listed on the Quotation Board of the Frankfurt Stock Exchange.
The Gecama wind farm will provide clean energy to approximately 260,000 Spanish households, preventing annual emissions of approximately 150,000 tons of CO2.
WFW advises Q-Energy and FSL Solar on €304m bond issue for Spanish 74.7MW photovoltaic portfolio refinancing
With €3bn+ debt and equity investments in the solar sector, Q-Energy has developed 2 GW+ solar PV and CSP assets worldwide.
We advised Santander and Westbourne Capital, as mandated lead arranger and investor respectively, on the private placement of bonds to refinance the 11.8MW Malpartida photovoltaic plant, in Extremadura, Spain.
Naturgy is a leading multinational company in the energy sector, present in Spain and Latin America, and a pioneer in gas and electricity integration.
The three plants – the 50 MW Los Belos, 11.2 MW El Muelle and 50 MW Montesol – are all located in the Spanish region of Aragon.
The bonds were subscribed by institutional investors managed by BlackRock through a private placement, and traded on the “Quotation Board” of the Frankfurt Stock Exchange.