Alantra Solar secures €228m refinancing for Spanish and Italian solar portfolio

The €228 million refinancing of Alantra Solar's 248 MWp portfolio in Spain and Italy, arranged by MUFG Bank (Europe) N.V., demonstrates the attractiveness of European solar assets to lenders, with the deal supporting the long-term development strategy of Alantra Solar. The refinancing benefits from long-term PPAs and regulatory incentives, including the FERX tariff regime and agrivoltaic incentives, which provide a stable revenue stream for the operating solar assets. The transaction was advised by DLA Piper for the lenders and Evergreen Legal and BSVA for Alantra Solar, showcasing the complexity of cross-border refinancing deals. The deal structure and terms, including the involvement of MUFG Bank (Europe) N.V. as mandated lead arranger, underwriter, bookrunner, agent, and green loan coordinator, highlight the expertise of the parties involved. The refinancing will strengthen the financial structure of the operating solar assets, allowing Alantra Solar to focus on its long-term development strategy. With a portfolio of 248 MWp, Alantra Solar has secured a significant refinancing deal that will support its growth plans. The deal also demonstrates the appetite of lenders for renewable energy projects in Europe, with MUFG Bank (Europe) N.V. playing a key role in the transaction. The counterparties involved in the deal have a strong track record in the renewable energy sector, with N-Sun Energy, the borrower, having experience in EPC and O&M services for utility-scale solar projects. Mitsubishi UFJ Financial Group, the parent company of MUFG Bank (Europe) N.V., has approximately $2.6 trillion in total assets and provides comprehensive financial services. DLA Piper, the legal advisor to the lenders, has expertise in advising on project development, financing, M&A, and regulatory matters in the renewable energy industry. The deal is a significant milestone for Alantra Solar, demonstrating its ability to secure refinancing for its solar portfolio and supporting its growth plans in the European renewable energy market. With the involvement of experienced counterparties, the deal is expected to have a positive impact on the development of renewable energy projects in Europe. The refinancing deal also highlights the importance of regulatory incentives, such as the FERX tariff regime and agrivoltaic incentives, in supporting the development of solar energy projects in Spain and Italy.