Qualitas Energy has closed a refinancing operation worth approximately €280m for the 500MW Mula photovoltaic solar plant in the region of Murcia, Spain.
Mula is one of the largest photovoltaic projects in Europe and is owned by global private markets investment firm Northleaf Capital Partners and Qualitas Energy.
Mula’s existing debt was refinanced with the participation of five financial institutions with extensive experience in providing structured finance in the renewable sector, namely: BBVA; EDC; DekaBank; Unicaja; and Bankinter.
Additionally, the deal has been classified as “green” according to the “Green Loan Principles” established by the Loan Market Association, which identify initiatives promoting environmental sustainability.
The closing of this operation has taken place in a volatile and complex environment, both in capital markets and the Spanish electricity sector.
Under these circumstances, the successful completion of the operation is particularly relevant for Qualitas Energy, as it continues with its risk management and mitigation strategy for the asset portfolio the company has been implementing since its origins in 2006.
Investment principal at Qualitas Energy José María Arzac stated: “The refinancing of the Mula photovoltaic solar plant marks a significant milestone for Qualitas Energy and its investors.
“We are pleased to incorporate new financial partners for future investments while stabilising the project’s risk profile.
“We have once again demonstrated great adaptability, and this precedent will allow us to seize strategic opportunities in the market.
“This operation reinforces our position as leaders in renewable energy investment and management.”