MIDIS makes first Spanish solar allocation in the €140 million bond issuance for Sonnedix
London/Madrid, 13 Jun 2018
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.
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About Macquarie Group
Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 14,469 people in over 25 countries. At 31 March 2018, Macquarie had assets under management of £309.9billion. For further information, visit www.macquarie.com.
About Macquarie Infrastructure Debt Investment Solutions
In early 2012 Macquarie established the Macquarie Infrastructure Debt Investment Solutions (MIDIS) platform to leverage the infrastructure expertise within Macquarie into an investor-aligned global infrastructure debt investment management business. The MIDIS platform has been successful in securing mandates with insurer and pension scheme clients and has a track record of investing at attractive yields.
About Qualitas Energy
Since 2007, Qualitas Energy (Q-Energy) team of over 80 professionals has invested over EUR 3bn globally through two renewable energy portfolios: Fotowatio / FRV and Vela Energy. Q-Energy provides full-scope investment and financing capabilities, with in-house asset management and operation with best-in-class control processes and IT systems. Q-Energy Asset Management´s team of over 50 professionals maintain an O&M and Asset Management is one of the largest operators of solar photovoltaic plants in Europe, with the management of over 90 projects and 330MW in Spain and Italy.