Macquarie Infrastructure Debt Investment Solutions (MIDIS) has made a €38m investment to refinance debt for a portfolio of solar farms in Spain on behalf of its European and Asian insurance company clients.
The 13.6MW portfolio, which is owned and managed by Q-Energy, comprises six operational PV plants in the south-east of the country.
MIDIS refinanced the portfolio’s existing debt with 21-year, amortising, floating rate, senior secured bonds, and structured an orphan interest rate swap facility to support the transaction, provided by Goldman Sachs International.
MIDIS managing director Tom van Rijsewijk said: “Significant capital investment is required as Spain pursues its ambitious target to generate 100% of its electricity from renewable sources by 2050.
“We’re helping to tackle this challenge by matching institutional investor demand for predictable, long-term investments with a growing pipeline of Spanish solar projects that require bespoke and flexible debt solutions.
“We worked closely with the Q-Energy team to structure and deliver this transaction and as we continue to provide more financing to the sector, we look forward to building on this and other long-term partnerships with high-quality sponsors.”
Q-Energy partner and head of structure finance Daniel Parejo said: “Q-Energy is delighted to have built such a strong relationship with Macquarie, with this being the second project bond in which we have successfully worked together.”