The proceeds will be used to refinance 23 solar Spanish solar projects with a capacity of 127MW
Grupo T-Solar, a Spanish renewable power producer, has completed financing worth €567.8m, which will be used to refinance 23 solar projects across Spain with 127MW of capacity.
The solar projects are owned by its subsidiary T-Solar Global Operating Assets. The solar projects will be operated under the Spanish regulatory framework with regulated return granted for a 30-year period.
The company stated: “This is Grupo T-Solar’s first financing to obtain a Green Evaluation by Standard and Poor’s, achieving a very strong E1/80 score—the highest granted by the agency—due to the transaction’s robust environmental impact mitigation, governance and transparency.”
Deutsche Bank and Banco Santander served as mandated lead arrangers and global coordinators of the issuance.
Grupo T-Solar, an independent renewable power producer, owns 336MW of installed capacity and operates 51 renewable plants across Spain, Italy, Peru and India. The plants generated more than 602MWh of clean energy last year and avoided more than 216,000 tonnes of CO2 emissions.
Grupo T-Solar CEO Marta Martinez said: “We have seen very strong interest in our first green financing among leading banks and institutional investors. This transaction enables investors that share our vision of a more sustainable future to partner with T-Solar in reducing carbon emissions for future generations.”
The company was acquired by I Squared Capital, a global infrastructure investment manager, in 2017. After the deal, Grupo T-Solar focused on the European where it has 92% of its assets in Spain and Italy.
T-Solar acquired two CSP solar plants in Spain in 2018
In 2018, the company increased its Spanish operating solar asset portfolio, where it acquired two concentrated solar power (CSP) plants with 100MW capacity and three photovoltaic (PV) plants with 5.6MW of capacity.
And, in 2017, the company had also issued €118.3m project bonds to refinance 11 of its solar assets with a total capacity of 34.2MW in Spain.