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Macquarie's MIDIS takes part in EUR-568m portfolio refinancing of Grupo T-Solar

Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic

January 21 (Renewables Now) - Macquarie Infrastructure Debt Investment Solutions (MIDIS) has closed a EUR-90-million (USD 99.8m) debt investment in a 127-MW portfolio of Spanish solar farms owned by local developer Grupo T-Solar.

The investment platform of Macquarie Group Limited (ASX:MQG) has deployed the capital through 18-year, amortising, fixed-rate, senior secured bonds as part of Grupo T-Solar’s EIR-567.8-million solar portfolio refinancing.

Macquarie said on Monday that MIDIS was the single-largest lender in debt refinancing, which included an issue of EUR 34 million of senior secured class A1 bonds, EUR 234.1 million of senior secured class A2 bonds, both due June 2038, and a 10-year EUR 299.7 million bank loan.

Deutsche Bank and Banco Santander acted as mandated lead arrangers and global coordinators of the placement. Funds from it will go to refinance 23 solar projects across Spain that form the 127-MW portfolio.

“Macquarie has been a constructive partner throughout this transaction, and we trust that this will be the beginning of a long and positive relationship between our two firms,” said Manuel Fernandez Duran, chief financial officer of Grupo T-Solar. The Spanish renewable power producer, owned by US investment fund I-Squared, says it owns 336 MW of installed capacity from 51 assets in Spain, Italy, Peru and India.

(EUR 1.0 = USD 1.109)

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