Spain’s X-Elio, a developer of renewable energy projects, has issued project bonds worth €92.5 million in order to refinance five solar plants in Spain with a total combined capacity of 33 MW.
The non-recourse financing scheme is aimed at institutional investors, and have been listed on the Frankfurt Stock Exchange. Investors are offered a 3.84% coupon due in June 2040, and so far a range of qualified institutional investors have already shown an interest, X-Elio said.
“The placement of the bonds shows the confidence investors have in this type of asset, and allows X-Elio to diversify its sources of long-term financing for future PV energy projects,” said X-Elio CEO Jorge Barredo.
The funds raised will help shore-up the long-term future of the five Spanish solar farms, which currently generate enough electricity to meet the annual power needs of 13,000 local households.