The senior debt package, provided by CaixaBank, will help the Canada-based company refinance and restructure the debt associated with a 551 MW portfolio of projects spread across Spain. The portfolio comprises 33 assets covering onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW), operating under the feed-in-tariff regime. The projects were acquired from Helia Renovables, a renewables platform created by Spain-based investors Plenium Partners and Bankinter in Apr’21, for an enterprise value of $1.27bn. The assets have an average remaining contracted life and debt term of 13.4 years, with a 5-year average annual EBITDA estimated at $107.7mn.
The new senior financing replaced the existing senior debt structure for each separate special purpose vehicle (SPV), with a single holding level financing. The transaction benefit from the portfolio’s technological diversity and allowed for an adjustment to the debt repayment profile. The adjustment accounts for the currently high electricity prices in Spain, and will improve cash distributions from the portfolio. Green Giraffe supported the Northland Power team with debt restructuring considerations, financial modeling, due diligence management as well as commercial support. The financing was closed on November 3rd, 2022.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.