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    Aquila Clean Energy Completes Project Financing of USD992.8 Million for Solar and Wind Projects Portfolio in Spain and Portugal


    September 9, 2022 - Marketline - Deals

     

      Deal In Brief

      Aquila Clean Energy EMEA, Aquila Capital’s clean energy development platform in Europe, has finalised a EUR 1 billion construction facility supported by the InvestEU programme. The financing will support the development and construction of Aquila Clean Energy’s renewable energy pipeline in Spain and Portugal over the next three years. The projects will be implemented in regions like Castilla y Leon, Comunidad Valenciana, Andalucia, Cantabria, Castilla-La Mancha and Murcia, in Spain, and Setubal, Coimbra, Evora, Leiria, in Portugal

      The pipeline consists of more than 50 projects of predominately solar photovoltaics (PV) and onshore wind assets, with a total electricity generation capacity of 2.6 gigawatts (GW), a volume equivalent to the annual consumption of around 1.4 million households. These projects will have an estimated yield of 5.3 terawatt hours per year

      The operation is aligned with the EU’s renewable energy targets and supports Spain and Portugal in meeting their commitments to reduce greenhouse gas emissions. In addition, the vast majority of investments are expected to be located in the EIB's cohesion priority regions (91% according to the project pipeline), thus supporting the economic recovery in these regions which were particularly affected by the COVID-19 pandemic

      For the construction facility, Santander acted as the Facility and Security Agent. NatWest acted as Documentation Agent and KfW IPEX-Bank as Hedging Documentation Agent. BNP Paribas, ING, Intesa SanPaolo and Banco Sabadell further supported the facility. The debt was significantly oversubscribed, confirming lenders’ strong interest in the financing

      CMS and White & Case (both Hamburg) acted as borrowers’ and lenders’ legal counsel, respectively. Glas SAS in Frankfurt is acting as Administration Agent

      For the EIB, this short-term construction financing is breaking new ground, as the development bank had mainly acted as a long-term lender in the infrastructure space in the past. This project was made possible because of an EU budget guarantee under the InvestEU programme, which allows the EIB to increase its risk taking capacity and, in this particular case, to assume electricity merchant risk under a non-recourse financing structure as the transaction does not involve any price hedge mechanism such as a PPA

      The InvestEU programme follows up on the success of the Investment Plan for Europe and aims to facilitate investments in the EU. The landmark transaction announced today not only increases renewable energy generation capacity on the Iberian Peninsula significantly, but also contributes to the objectives of the European Green Deal

      A bespoke EUR 1 billion construction facility consists of EUR 400 million credit from the EIB – supported by an EU budget guarantee under InvestEU – and EUR 600 million from the consortium of the commercial banks. For the total project volume of over EUR 2 billion, the remaining amount of more than EUR 1 billion comes from funds managed by Aquila Capital and from the company’s capital

      The investment per MW will be USD0.76 million.

      Deal Value (US$ Million) 992.81
      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Completed: 2022-09-07

      Deal Participants

      Deal Rationale

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

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