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

October 15, 2021
Doral Renewables has broken ground on the 1.65GWdc Mammoth Solar project in Indiana, set to be the US’ largest solar farm once complete.
October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.
October 13, 2021
Calling for a three-fold increase in renewables investment in the next decade, the International Energy Agency’s (IEA) latest edition of its World Energy Outlook, published today, has been largely welcomed by analysts and industry observers, who are urging world leaders to respond accordingly at the COP26 Climate Change Conference.
October 13, 2021
EDF Renewables has targeted Vietnam’s solar market by investing in rooftop PV installer SkyX Solar, a subsidiary of investment management firm VinaCapital.
October 13, 2021
While solar PV and wind deployment will far outstrip additions from other electricity sources over the next decade, clean energy progress is still lagging behind what is needed to put global emissions into sustained decline towards net zero, the International Energy Agency (IEA) has warned.
October 13, 2021
Reliance New Energy Solar (RNES) has invested US$29 million in German wafer technology company NexWafe’s Series C financing round as it looks to establish wafer production facilities in India.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 19, 2021
BRISTOL, UK
Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021