Renewables investor Aquila European Renewables has secured a €50 million (US$54.7 million) debt facility through a 180MWp solar PV portfolio in Spain.
Aquila European Renewables intended to use the net proceeds from the five-year non-recourse debt facility, with ING Bank NV Sucursal en Espana, to repay an existing revolving credit facility, which will result in available capacity under the revolving credit facility of about €70 million.
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The company added that the undrawn revolving credit facility provides “significant flexibility for the company going forward when considering future capital allocation decisions, which may include the continuation of the share buyback programme”.
In a statement, Aquila European Renewables said the debt facility implies a conservative gearing level, the amount of debt used to fund the facility, of about 26% for the solar PV portfolio, based on fair values as of 30 September 2023. The debt facility is also partially amortising with a balloon repayment at maturity, and contains an option to be extended by an additional €18 million. Two 12-month extension options are also available.
Aquila European Renewables has about seven solar PV projects in Spain and Portugal, according to the company’s website. Its wind energy and hydropower projects are located in Portugal, Greece, Denmark and Norway.
The news also follows Aquila’s signing of a module supply deal with Chinese manufacturer Trina Solar last year.
