Alantra and Solarig secure €213m financing for the first batch of their 1.9 GW photovoltaic platform
€213m in new debt financing has been secured from a syndicate of banks coordinated by Rabobank, with ABN AMRO, BNP Paribas, Commerzbank, and Rabobank as the original lenders to the new facility, which will be used for the construction of the first batch of seven solar plants with a total capacity of 306 MWp.
● The investment platform comprises 50 solar plants located across Southern Europe, which are in development led by Solarig. Once these plants reach ready-to-build status, the investment vehicle N-Sun Energy, managed by Alantra Solar (a partnership between Alantra and Solarig), progressively acquires them. The 1.9 GW plant portfolio is expected to be fully developed by the end of 2025.
● The first solar plant of the 16MW vehicle located in Zafra, Badajoz (Spain) has been connected to the grid, while construction of the other seven plants will begin shortly.
Alantra and Solarig have made important progress with their 1.9 GW photovoltaic investment platform in the first year of its existence:
Alantra Solar (a partnership between Alantra and Solarig) has signed a financing agreement with Rabobank, acting as Bookrunner and Coordinator on behalf of a syndicate of banks comprising ABN AMRO, BNP Paribas, Commerzbank, and Coöperatieve Rabobank as the original lenders, which provides €213m in debt financing for the construction of seven solar plants of the first 306 MWp batch. In addition, during this first year, Solarig completed the construction and grid connection of the first solar plant of the 16MW vehicle, which is located in southern Spain, in Zafra (Badajoz), and was financed separately by Caja Rural de Soria.
As one of Europe’s largest solar development platforms, the investment vehicle N-Sun Energy, backed by Swiss infrastructure asset manager Reichmuth Infrastructure and French Asset manager Amundi Energy Transition as key investors, will gradually acquire a portfolio of 50 photovoltaic plants across Italy and Spain, which are being developed by Solarig. A significant percentage of these plants will incorporate battery hybridization. It is expected that the last plants reach ready-to-build status by the end of 2025. As of today, the vehicle has already acquired 597 MWp from Solarig. The investment platform is expected to invest a total of €1.7bn, of which €700m will be equity from the existing investment vehicle and successive funds, and the remaining €1bn debt.
N-Sun Energy aims to become a highly diversified, multi-technology international platform, generating 2.700 GWh per year, the equivalent of the annual consumption of over 800,000 households, and more than €180m in annual revenues by 2026.
“Within just one year, our progress is evident: Securing the financing for the first batch of plants marks a pivotal milestone for our project, as does the successful completion of the first photovoltaic plant, actively supplying electricity. This rapid pace propels our commitment to expedite the energy transition, while offering investors seeking solar energy opportunities a robust risk-return solution”, said Javier Mellado, Managing Partner of Alantra Solar.
“The strong support we have received from the banks enables us to accelerate the development of one of the most significant solar energy investment platforms in Europe. The clean energy generated by the 50 plants will help drive the energy transition in two of our key markets: Italy and Spain. This transaction is not just another milestone; it is a testament to the sustained, profitable growth we have experienced in the past few years. It reflects our strong commitment to building sustainable energy infrastructures and playing an active role in the decarbonization of the communities in which we operate”, said José Miguel Moraga, CEO of Solarig.
“We are pleased to have supported Alantra Solar and Solarig in structuring the financing for N-Sun Energy’s first batch of projects in Spain and Italy, coordinating the appointment of an experienced group of lenders. We are impressed with the cooperation between Alantra and Solarig in developing this first and following batches of projects. As Bookrunner and Coordinator, Rabobank confirms its strategy to be a leading bank in the energy transition. We look forward to a good cooperation with all parties and enabling further growth of the investment platform”, commented Marc Schmitz, Managing Director Renewable Energy and Infrastructure Project Finance Europe at Rabobank.
Alantra is an independent global mid-market financial services firm providing investment banking, asset management, and private capital services to companies, families, and investors operating in the mid-market segment. The Group has over 650 professionals across Europe, the US, Latin America, and Asia.
Its Investment Banking division provides independent advice on M&A, debt advisory, financial restructuring, structured funding & asset backed securitizations, credit portfolio advisory and capital markets transactions, having advised on c. 750 deals for a total value of c. €187bn in the last four years. Alantra’s senior bankers and execution teams offer a global understanding of industry sectors combined with strong local relationships with the companies, investors, entrepreneurs, and financing institutions in each of its markets.
In Alternative Asset Management, Alantra offers its client unique access to a wide range of investment strategies in five highly specialized asset management classes (private equity, active funds, private debt, energy, and venture capital). As of 30 September 2023, assets under management from consolidated businesses stood at €2.1bn, while assets under management from Strategic Partnerships, in which Alantra holds a significant stake, were at more than €13.8bn.
Solarig develops the infrastructure necessary for the energy transition, undertaking the construction, operation, and financial structuring of large-scale renewable energy projects. Currently managing over 10 GW of photovoltaic assets, it boasts a portfolio exceeding 20 GW across 14 countries. The company propels global decarbonization in every location it operates through renewable energy and green gas solutions. Headquartered in Madrid, Spain, Solarig has a strong presence in Europe, Central and South America, Japan, and Australia. Committed to innovation and sustainability, Solarig has a team of over 1,000 professionals.
Solarig is dedicated to the energy transition for global decarbonization and contributes to achieving the highest levels of energy independence in its operational markets. As a key player in advancing society’s sustainable progress, Solarig leads the transition to cleaner energy sources. The company endeavors to generate a positive impact on the environment through its operations and its interactions with public administrations, shareholders, customers, professionals, collaborators, and suppliers.
Energy costs and their stability, together with the guaranteed origin of the energy, are today a key factor in the competitiveness of industry, and therefore a determining factor in the selection of investment sites. Solarig’s main objective is to develop projects that will become a benchmark in the field of renewable energy, decarbonisation and the circular economy, with the aim of attracting specialised industry and generating employment in pursuit of the objectives of revitalising territories and territorial rebalancing.