WFW advises Cubico on green refinancing of Spanish CSP projects31 May 2021
WFW advises Cubico on green refinancing of Spanish CSP projects
WFW advises Cubico on green refinancing of Spanish CSP projects
Located in the Andalucía region and operational since 2011, the portfolio comprises two parabolic solar thermal power plants and a third using tower technology.
The photovoltaic plant is located in Cadiz, Spain, and will be operational in 2021. It is Everwood’s second merchant plant, with the financing representing a leverage of 62% on the project.
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 Gecama wind farm will provide clean energy to approximately 260,000 Spanish households, preventing annual emissions of approximately 150,000 tons of CO2.
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.
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.
This was a major renewables project financing in terms of the capacity of the projects in the Spanish market, as well as one of the biggest to date worldwide.
It was a pleasure to work with Solarpack on this new step forward in their Spanish expansion plans, having also done so recently on a significant photovoltaic acquisition financing in Peru.
With this third bonds issue, Q-Energy becomes the platform of reference for renewables project bonds issues in Spain.