French solar independent power producer (IPP) Reden Solar has raised €100.5m ($116m) for refinancing of its Portuguese and Spanish solar photovoltaics (PV) assets.
The 14-year non-recourse financing was arranged by the Spanish financial institution Natixis Sucursal en España.
Reden Solar Group president Thierry Carcel said: “This refinancing operation was largely facilitated by the international reach of the Natixis Group, which enabled them to coordinate teams in three different countries and deal with the broad scope and complexity of the operation.
“This refinancing not only greatly simplifies the debt structure of our assets, but also improves our economic conditions, and allows us to generate a significant cash surplus.
“This, in turn, will enable us to continue to invest in the development and acquisition of new plants in the Iberian Peninsula, in Latin America, as well as in France, where we remain very active.”
As part of the refinancing, 13 loans were contracted with five banks to cover around 50 photovoltaic power plants in operation in Portugal and Spain.
For completion of the refinancing process, Reden Solar was advised and assisted by the Paris, Lisbon and Madrid teams of the Cuatrecasas firm.
Established in 2008 in the Lot-et-Garonne region in France, Reden Solar strengthened its operations within the region after Eurazeo acquired 39% stake in the company between 2010 and 2012.
Infravia Capital Partners investment director Gabriel Gauthier and Eurazeo Patrimoine managing partner Renaud Haberkorn said in a joint statement: “We are very satisfied because completing an operation of this size and complexity proves that the market fully recognises the excellent future prospects of the Reden Solar Group, as well as its position as a major player abroad.”