Neoen closes the refinancing of two solar PV plants in Portugal

French renewable energy developer Neoen has secured the refinancing of 13.2 MW  Cabrela and 8.8 MW Seixal, two ground-mounted solar photovoltaic plants located in Portugal. Each project benefits from a 20-year Power Purchase Agreement with Energias de Portugal (EDP).

Neoen won the two projects in the 2010 renewable energy tender and started commercial operation in 2014. The refinancing allowed Neoen to take advantage of the attractive market conditions and outstanding operational track record of the two projects, leading to an extended maturity, a lower debt service coverage ratio and reduce financing costs.

The projects were financed through two separate bond facilities totaling circa €60 million (US$ 70.7 million). The facilities were led by HSH Nordbank and Banco Comercial Português, acting as co-Mandated Lead Arrangers. La Banque Postale participated in the financing as well. 

Astris Finance acted as exclusive financial advisor to Neoen.