Macquarie Infrastructure Debt Investment Solutions (MIDIS) has announced a new €67 million ($76 million) long-term debt facility to refinance a portfolio of solar assets located in southern Spain.
The portfolio is owned by Eliantus Energy and is made up of 10 operational solar PV plants, totaling 43MWp in generation capacity. The facility, provided by MIDIS on behalf of its investors, consists of fixed-rate, senior-secured bonds on a 23-year amortizing basis. MIDIS and Eliantus conducted the transaction bilaterally, with Santander acting as sole arranger.
Tom van Rijsewijk, a managing director for MIDIS, said, “This is our second infrastructure debt investment in the Spanish solar market in the last five months — evidence of the opportunity we see in the market for our investors.”
Adolfo Carvajal, CEO of Eliantus said, “Project Bonds have proved to be the way forward to finance solar infrastructure.”
In June 2018, MIDIS made its first Spanish solar allocation in the €140 million ($158 million) bond issuance for solar PV operator Sonnedix. A portion of both investments were provided through Macquarie’s Global Infrastructure Debt Strategy.
In early 2012, Macquarie established the Macquarie Infrastructure Debt Investment Solutions platform to leverage the infrastructure expertise within Macquarie into an investor-aligned global infrastructure debt investment management business. Since 2012, MIDIS has invested more than €1.7 billion ($1.9 billion) in infrastructure debt in renewable project transactions globally. These funds have been invested across 22 separate projects, with total installed capacity of approximately 4.7 gigawatts.
