Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has achieved financial close on the refinancing of the Andasol I and Andasol II concentrated solar power (CSP) projects in Granada, Spain.

The refinancing of the projects, which were acquired in 2017 and have a capacity of 50 MW each, was completed with two green loans.

The green loans comply with the Green Loan Principles and are the third and fourth of this type in Cubico’s portfolio, following the refinancings of a 99 MW wind portfolio in Italy in 2019 and the 50 MW Arenales CSP plant in Spain last year.

The projects, which became operational in 2008 and 2009, use parabolic trough thermosolar technology with seven-and-a-half hours of molten salt storage each.

The bank club is comprised of the following Mandated Lead Arrangers (MLAs): Banco Santander, Bankinter, BNP Paribas, Crédit Agricole CIB, Export Development Canada and Société Générale.

Cubico was advised by Herbert Smith Freehills (legal) and Chatham Financial (hedging).

The MLAs were advised by Clifford Chance (legal), Altermia Asesores Tecnicos (technical), Eisenar (insurance) and EY (tax and model audit).

David Swindin, Head of EMEA at Cubico, said: “Once again our banks have shown an outstanding level of support to Cubico to allow us to close this refinancing with a very tight timeframe.

“The Andasol plants remain a core part of our portfolio and we look forward to working with the banks on future growth opportunities in Europe.”

José Canales, Head of Iberia at Cubico, added: “The refinancing of the Andasol CSP plants allows Cubico to benefit from a very satisfactory debt market environment and shows the Iberian team’s determination in the continuous search for levers to maximise the value of our operating assets.”