Atlantica completes €326m refinancing of Spanish solar plants

Atlantica Sustainable Infrastructure has completed the refinancing of its Helios assets in Spain.

Posted Friday, August 7th 2020
Atlantica completes €326m refinancing of Spanish solar plants

Santiago Seage (top) and Francisco Martinez-Davis

Atlantica has entered into a non-recourse, project debt financing for approximately €326 million in Helios 1/2, two solar plants with a total installed capacity of 100 megawatts.


The new debt has been used to repay the previous bank project debt with approximately €250 million outstanding and to cancel legacy interest rate swaps.


With this refinancing, Atlantica is achieving an improvement in cost (1.9% per annum versus approximately 4.2% in the previous financing) and tenor (17-year maturity versus 7 year in the previous financing).


Francisco Martinez-Davis, CFO of Atlantica, said: “With this financing, Atlantica is able to continue to diversify its financing sources.”


After transaction costs and cancelation of legacy swaps, net refinancing proceeds (net “recap”) were approximately $30 million. Atlantica intends to use the net proceeds to finance its growth plan. The notes were privately placed with a combination of European and US institutional investors and are guaranteed by Assured Guaranty Europe.


As a result of Assured Guaranty’s wrap, the notes are rated AA by S&P Global Ratings.


Cantor Fitzgerald Europe acted as sole bookrunner and placement agent. Assured Guarantee Europe’s legal advisor on the transaction was Clifford Chance. The issuer was advised by a Madrid-based Watson Farley & Williams team led by partner Rodrigo Berasategui, supported by senior associate Álvaro Barro.


Atlantica Sustainable Infrastructure is led by CEO Santiago Seage.