Saeta Yield closes the refinancing of Lestenergia
- The amount of the new debt reaches EUR 135 million
- The net proceeds will allow the Company to further implement its growth plan through the purchase of additional assets
Saeta Yield, S.A., through its subsidiary Lestenergia, Exploraçao de Parques Eólicos S.A. – operating company of a portfolio of wind farms in Portugal with a total capacity of 144 MW – has signed a new project finance contract with four banking entities for a total of EUR 135 million, due September 30, 2028.
The new project finance agreement is composed of a sole tranche at a variable rate. However 85% of the debt amount has been hedged by interest rate derivatives.
Additionally, a credit facility to finance the debt service reserve account of an additional 9 million euros has been also agreed.
With regards to the use of proceeds, EUR 77 million will be dedicated to cancel the existing debt and derivatives, as well as to pay the fees and expenses of the operation. The remaining EUR 58 million will increase the liquidity of Saeta Yield.
The Company has a total liquidity of around EUR 150 million to be invested in the purchase of RoFO assets from Bow Power (joint venture of ACS and Global Infrastruture Partners), as well as in other renewable assets from third parties. Future acquisitions will enhance the Group’s geographic diversification strategy. 25% of today’s installed capacity comes from assets outside of Spain, and the growth prospects confirm Saeta Yield’s commitment to international growth. The Company seeks to double its international business in the next 24 months, until it reaches 40% to 50% by the end of 2019.