Madrid, March 2024 - We are pleased to announce the closing of a €383.5 million refinancing of a 487MW operational onshore wind portfolio located in Aragon (Spain). Astris advised Danish Copenhagen Infrastructure Partners (“CIP”), one of the world's largest dedicated fund managers in greenfield renewable energy investments with over €25 bn raised, and Arjun Infrastructure Partners (“Arjun”), an independent asset management firm focused on mid-market infrastructure and energy investment, jointly the “Sponsors”.
This innovative transaction allowed the Sponsors to improve the existing financing in terms of structure, leverage and cash flow providing long-term stability for this landmark transaction, which involves one of the largest long-term PPAs in Iberia. The financing was provided by a syndicate of seven local and international banks (ABN, BBVA, BNP, Rabobank, Caixabank, Sabadell and Bankinter), showing outstanding market support to the transaction and its Sponsors.
The financing consists of a €331.7 million non-recourse, fully amortizing senior debt facility, €34 million of letter of credit facilities, and a €17.8 million of debt service reserve facility (the “Facilities”). The Facilities are deployed in accordance with the Green Loan Principles.
Astris Finance acted as exclusive financial advisor to CIP and Arjun. This transaction is a testimony to Astris’s position as the lead independent advisor for debt renewable transactions in Iberia, and to the strong relationship forged with top tier players in the renewable space globally.
CIP Partner Florian Küster said: ”We would like to thank the lenders and the advisors involved for successfully completing this transaction. The closing of the green loan financing marks another important milestone for our Monegros’s investment which has generated attractive and stable long-term returns for our investors and made a meaningful contribution towards Europe’s green transition.”
Arjun Head of Asset Management Julian Skinner said: “We are delighted to have successfully completed this transaction with a strong pool of banks together with our advisors and our long-standing partner CIP. Thank you to all those involved, and we look forward to future collaborations as we work to facilitate the realisation of Europe’s clean energy goals.”
March 2024 - Astris Finance congratulates its clients CIP and Arjun on the successful refinancing of the 487 MW Monegros wind portfolio in Spain