Innergex Renewable Energy has successfully completed its refinancing of the non-recourse debt of its portfolio of wholly owned assets in Chile.
The US$803.1m (€788.7m) refinancing has been carried out with the issuance of US$710m in green bonds maturing in 2036 (with a balloon payment of US$139m and a US$93.1m letter of credit facility.
A core group of global institutional investors participated in the transaction, which saw strong demand and was significantly oversubscribed, Innergex said.
The portfolio being refinanced is composed of a combination of solar, wind and hydro assets as well as battery energy storage systems assets wholly owned by Innergex.
The net proceeds will be used to finance US$176.2m towards the acquisition of Aela wind farms, while US$72.6m will be used to finance all development activities for the Salvador energy storage project.
The remaining balance will be used to repay US$548.7m of the existing debt and other transaction costs.
Innergex president and chief executive Michel Letellier said: “The positive reception from investors is a reflection of Innergex’s financial strength and growth prospects in Chile.
“Our team was able to secure more favourable terms on our refinancing allowing for additional financial flexibility and extending the average maturity.
“This refinancing allows us to unlock our portfolio value, optimize our capital structure and align with our growing business as we continue to focus on delivering long-term returns to shareholders.”