London/Madrid 13 June 2018 – Macquarie Infrastructure Debt Investment Solutions (MIDIS) has provided a new long-term debt facility to refinance a portfolio of Spanish solar assets – marking its first solar debt investment in the country.
The portfolio consists of 12 fully operational solar projects located across Spain, with a combined capacity of 30.3MWp. The portfolio is owned by the country’s largest solar PV platform, the global IPP Sonnedix, and managed by Qualitas Energy (Q-Energy), who advised on the financing together with CaixaBank who acted as global coordinator. The facility, provided by MIDIS on behalf of its investors, consists of fixed rate, senior secured bonds on a 19-year amortising basis.
Tom van Rijsewijk, a Division Director for MIDIS said: “The €140 million fundraising by Sonnedix attracted strong interest from both European and US investors – MIDIS being the largest participant among them. The transaction is our first solar investment in Spain, as we waited for the right opportunity for our investors. In recent years there has been some uncertainty in the market, but with reformed regulatory support bringing it on a stable footing going forward, we see opportunities for further investments in this jurisdiction.”
