Macquarie’s MIDIS makes €90m debt investment in Spanish solar farms

21 January 2020 (Last Updated January 21st, 2020 13:17)

Part of Macquarie financial group, Macquarie Infrastructure Debt Investment Solutions (MIDIS) has closed a €90m debt investment in 127MW portfolio of solar farms in Spain.

Part of Macquarie financial group, Macquarie Infrastructure Debt Investment Solutions (MIDIS) has closed a €90m debt investment in 127MW portfolio of solar farms in Spain.

Owned by Grupo T-Solar, Spanish solar portfolio includes 23 ground-mounted solar farms that are located across the country.

Grupo T-Solar chief financial officer Manuel Fernández Durán said: “As we lead the development of new green infrastructure around the world, it is vital that we have strong and effective partners to support the execution of our growth strategy.

“Macquarie has been a constructive partner throughout this transaction, and we trust that this will be the beginning of a long and positive relationship between our two firms.”

MIDIS made the investment using 18-year, amortising, fixed-rate, senior secured bonds as part of its global infrastructure debt strategy.

The organisation was the single-largest lender in Grupo T-Solar’s €568m portfolio refinancing. The company worked with various financial institutions and organisations, including Deutsche Bank and Santander.

With the investment, MIDIS will continue to support Spain’s renewables sector growth.

MIDIS managing director Tom van Rijsewijk said: “We are delighted to be supporting Spain’s transition to a new energy mix, partnering with leading sponsors like Grupo T-Solar to provide institutional investors with attractive opportunities in sustainable infrastructure debt.

“A transaction of this size, with MIDIS as the largest participant, demonstrates continued investor confidence in the market against a backdrop of positive regulatory developments and MIDIS’ strength in the Euro renewables market.”

In 2012, Macquarie established MIDIS as a platform to leverage the infrastructure expertise in the company.

Since then, the company invested €2.5bn of infrastructure debt in more than 35 renewable energy projects that have a combined installed capacity of approximately 12.8GW.

In November 2019, Macquarie Capital Principal Finance purchased a majority share in UK-based biogas company BioCow for an undisclosed fee.