AES Solar Energy Ltd. released financial news on December 30th 2008 of its closure of a €70 million non-recourse debt facility for five of its eight Spain-based photovoltaic projects. Utility-scale solar installer AES Solar Energy Ltd., a joint venture between The AES Corporation and Riverstone Holdings LLC, received the loan extension from UniCredit Mediocredito Centrale of Italy and Rabobank of the Netherlands. The installations also qualify for the regulated tariff of the Spanish Special Regime for renewable projects.
Robert Hemphill (pictured), CEO of AES Solar, said, “We are encouraged by our ability to close the financing in challenging credit markets. This accomplishment is largely the result of the intersection of good projects, good banks, and good people working hard on both sides of the deal.”