Soto Solar, Macquarie hit solar finance milestones in Spain

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Madrid. Source: Evgenii, Flickr

4 September: Madrid-based Soto Solar has raised €100 million (US$110 million) by selling a 50% stake to a group of private wealth investors and raising “committed project equity.”

The equity will benefit the firm's ground-mounted solar projects in Spain.

The company was formed by Dutch investment firms Stecc and Hartenlust in late 2018. It has a solar pipeline of 500MW in Spain and wants to install a total of 2GW over the next five years.

Cofounder Bas Dekker said in a statement that the “European market for renewable assets will gradually transform into an institutional asset class, and the Spanish market offers attractive subsidy-free opportunities for professional parties with a long-term horizon.”

The firm is “exploring adjacent opportunities in energy storage,” according to the statement.

Macquarie refinances Spanish solar debt

4 September: Macquarie Infrastructure Debt Investment Solutions (MIDIS) has made a €38 million (US$42 million) debt investment in a portfolio of Spanish solar farms on behalf of its European and Asian insurance clients.

The 13.6MW portfolio, managed and owned by Spanish investment manager Q-Energy, comprises six operational plants in south-eastern Spain.

The infrastructure debt firm refinanced the portfolio’s existing debt with 21-year, amortising, floating rate, senior secured bonds, and structured an orphan interest rate swap facility to support the transaction, provided by Goldman Sachs International.

Managing director of MIDIS Tom van Rijsewijk noted in a statement that “significant capital investment is required as Spain pursues its ambitious target to generate 100 per cent of its electricity from renewable sources by 2050. “

Q-Energy claims to manage a 1GW renewables pipeline in Italy and Spain. According to head of structure finance Daniel Parejo, this is the second project bond it has worked on with Macquarie

Read Next

May 10, 2021
Spanish energy company Acciona plans to carry out an initial public offering (IPO) of its renewables unit before the end of June despite recent volatility among Spanish green energy stocks.
May 6, 2021
Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.
May 4, 2021
Spanish renewables developer and independent power producer (IPP) Grupo Ecoener has seen its shares slide on its market debut today.
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 28, 2021
Spanish energy giant Iberdrola has partnered with oil and gas majors bp and Enagas on a feasibility study to develop a large-scale green hydrogen project in Valencia.
April 23, 2021
Spanish energy group Iberdrola is hoping to launch a solar-plus-hydrogen power project to decarbonise ceramic tile maker Porcelanosa’s production process.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021