Grupo T-Solar issues €118.4 million in bonds to refinance 11 PV projects in Spain

A total of €118.4 million of bonds have been issued by Spain’s Grupo T-Solar to refinance 11 of its local projects, the accumulated capacity of which stands at 34.2 MW.

The bonds, which have been listed on the Frankfurt Stock Exchange, will earn a coupon of 3.152% with a maturity of 19.5 years (due in June 2037).

Deutsche Bank acted as sole mandated lead arranger and global coordinator of the issuance, while London-based multinational law firms, Linklaters and Clifford Chance acted as legal advisors to Grupo T-Solar and the institutional investors, respectively.

This is the first issuance of unrated bonds for Grupo T-Solar, a portfolio company of infrastructure investor I Squared Capital, realized entirely through a private placement among institutional investors.

“This issuance is a remarkable success for Grupo T-Solar, as it completes our objective of diversification of funding sources, and confirms that the Spanish renewable sector continues to attract the interest of the international investment community,” said Marta Martínez Queimadelos, Chief Executive Officer of Grupo T-Solar.

According to the company’s website, Grupo T-Solar has 48 projects around the globe with an installed capacity of 286 MW, 116 MW of which is located in Spain, 7.2 MW in Italy, 25 MW in the U.S., 44 MW in Peru, 17 MW in India and 31.2 MW in Japan.