MIDIS Makes First Spanish Solar Allocation In The €140 Million Bond Issuance
Macquarie Infrastructure Debt
Investment Solutions (MIDIS) has provided a new long-term debt facility to
refinance a portfolio of Spanish solar assets - marking its first solar debt
investment in the country.
The portfolio consists of 12 fully operational solar projects located
across Spain, with a combined capacity of 30.3MWp. The portfolio is owned by
the country’s largest solar PV platform, the global IPP Sonnedix, and managed
by Qualitas Energy (Q-Energy), who advised on the financing together with
CaixaBank who acted as global coordinator. The facility, provided by MIDIS on
behalf of its investors, consists of fixed rate, senior secured bonds on a
19-year amortising basis.
Tom van Rijsewijk, a Division Director for MIDIS said: “The €140 million
fundraising by Sonnedix attracted strong interest from both European and US
investors – MIDIS being the largest participant among them. The transaction is
our first solar investment in Spain, as we waited for the right opportunity for
our investors. In recent years there has been some uncertainty in the market,
but with reformed
regulatory support bringing it on a stable footing going forward, we
see opportunities for further investments in this jurisdiction."
A portion of MIDIS’ financing was provided by a pooled fund, Macquarie
Global Infrastructure Debt Fund (MGIDF), which completed its third close in
April 2018 with commitments raised to date of €409 million ($US444
million). MGDIF is already over 90 per cent deployed into a diverse
portfolio of investments in the United Kingdom, Continental Europe, the United
States and Australia, across a range of sectors including transport, utilities
and renewable energy. MGDIF remains open to eligible investors until 2019, with
new investors buying in to the existing portfolio of performing assets, giving
excellent visibility of the end portfolio.
Since 2012, MIDIS has invested
over €1.6 billion in infrastructure debt in renewable project transactions
globally. These funds have been invested across 34 separate projects, with
total installed capacity of approximately 4,433 GW.