January 23 (Renewables Now) - Spanish solar developer Valfortec has issued a project bond to refinance 16 photovoltaic (PV) parks totalling 12.25 MW located in eastern regions of Spain.
According to investment firm Mirabaud, whose Spanish office acted as the sole bookrunner, the EUR-51.8-million (USD 57.4m) issuance has been fully subscribed by one unnamed international institutional investor.
The project bond bears a fixed annual coupon of 2.5% and matures in 20.5 years.
Mirabaud said the refinancing allowed Valfortec’s shareholders to extend the financing period, eliminate cash sweeps attached to the previous bank financing and pay out an extraordinary dividend throughout the project bond’s term.
Valfortec’s solar parks were commissioned between 2006 and 2012.
(EUR 1.0 = USD 1.108)