AES Solar Energy Ltd., a joint venture between The AES Corp. and Riverstone Holdings LLC, has closed – through a subsidiary – a 70-million-euro nonrecourse debt facility for five of its photovoltaic projects in Spain. The loan was extended by UniCredit Mediocredito Centrale of Italy and Rabobank of the Netherlands.
Financing is at an initial margin of 255 basis points to EURIBOR per annum and is amortized based on an underlying tenor of 18 years. The PV projects qualify for the favorable regulated tariff under the Spanish Special Regime for renewable projects (Royal Decree 661/2007), the company notes.
‘We are encouraged by our ability to close the financing in challenging credit markets. This accomplishment is largely the result of the intersection of good projects, good banks and good people working hard on both sides of the deal,’ says Robert Hemphill, CEO of AES Solar.
SOURCE: AES Solar Energy Ltd.