Reuters has reported the financial close of a combined 150MW project deal for Acciona Energia in Spain. The solar thermal power project involves a deal with 29 banks and is said to be one of the largest single solar financings to date.
The financing for this deal consists of €542 million in senior debt and a €59 million VAT facility. Total equity and sub debt are €292 million. Some of the larger lending banks in the Acciona deal are HSBC, BBVA, Banesto, Banco Sabadell, Calyon, Dexia, Popular, Santander and WestLB.
According to Project Finance International, the loan is granted as a seven-year soft mini-perm, with 19.5 year underlying, and maturity in June 2029. Construction margins are 300bp, increasing to 325bp from close of construction to year three; to 350bp between years three and seven; and to 400bp from year seven until the date of maturity. The average debt service cover ratio is 1.3x.
The three solar thermal plants in question will all be identical in size (50MW), one in Majadas and a further two in Palma del Rio. All three plants qualify for the old FiT rate for Spain, which is set at €0.32/kWh.
Further details about the plants, and the circumstances of the financing are expected soon.