Aquila European Renewables Income Fund PLC - Hamburg-based investor in renewable energy infrastructure in Europe - Says windfarm Desfina, in which its wholly-owned subsidiary holds 89% stake, completes refinancing of existing bank debt of around EUR38 million.
"Proceeds from the refinancing will be used to fully repay the existing debt and cover transaction costs. Compared to the existing bank debt in place, the refinancing resulted in a reduction of the margin by 75 basis points per annum, a reduction in annual debt amortisation by approximately 30% per annum over the next 10 years and an extension of tenor by approximately 4.5 years," Aquila notes.
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