Total Eren has successful refinanced existing debt and the granting of an additional €118m credit facility from Banco Santander Totta on part of its wind and hydro asset portfolio located in Portugal.
The assets, which represent a total capacity of 461.4MW, are all owned by Generg, the Portuguese entity of Novenergia, a 100% controlled subsidiary of Total Eren.
The refinancing operation saw Banco Santander Totta take over the existing debt issued by the other commercial lenders, while the EIB maintained its participation in the operation.
In addition, a new €118.5m credit facility was raised, increasing the total outstanding debt to €258.2m.
In coming weeks, Santander Totta will syndicate part of the loan to a group of Portuguese and Spanish banks.
Total Eren has been active in the renewable energy market in Portugal since March 2019, through the acquisition of Novenergia Holding Company, a southern European Independent Power Producer (IPP).
Novenergia is active in 5 countries and relies on a team of more than 100 people mostly based in Portugal, where the company began its activity.
Its geographic footprint also includes Bulgaria, France, Italy, Poland, leveraging its know-how and enforcing local partnerships.
In Portugal, through its local affiliate Generg, Novenergia has built-up a substantive portfolio of 550MW of solar, wind, and hydro assets in operation.
Novenergia chief executive Alvaro Brandão Pinto said: “Closing the refinancing of the 461.4MW wind and hydro portfolio controlled by Generg represents a strategic objective aiming at rationalising and optimising the financial structure of this entity.
“It was only possible to achieve this ambitious objective thanks to the shared will between Generg and all the banking entities involved, in addition to the spirit of collaboration and open negotiation between all the parties.
“In view of the final result obtained, it is fair to recognize now, in a special way, the joint work carried out.”
Total Eren executive vice president and chief finance officer Laurence Juin said: “We are delighted to reach the successful refinancing of the majority of our portfolio in Portugal, an exceptional milestone in the current context which would not have been possible without the great professionalism and experience of Novenergia teams combined with the very-high quality of our Portuguese assets.
“I want to thank Banco Santander Totta and the EIB and look forward to working with them on future financing.”