Independent renewable power producer, Grupo T-Solar has secured funding of €567.8 million to refinance 23 PV power plants located in Spain, totalling 127MW.
Grupo T-Solar, which was acquired by I Squared Capital in 2017, raised €34 million in senior secured class A1 bonds, €234.1 million in senior secured class A2 bonds, both due June 2038, as well as a 10-year €299.7 million bank loan. Deutsche Bank and Banco Santander were said to have acted as Mandated Lead Arrangers and Global Coordinators of the issuance.
Grupo T-Solar’s Chief Executive Officer, Marta Martinez said, “We have seen very strong interest in our first green financing among leading banks and institutional investors. This transaction enables investors that share our vision of a more sustainable future to partner with T-Solar in reducing carbon emissions for future generations.”