Vela Energy closes €404 million bond financing

Vela Energy has closed €404.4 million (US$ million) bond financing to refinance a portfolio of 42 solar photovoltaic (PV) plants in Spain.

On June 22, 2016, S&P Global Ratings assigned its 'BBB' (stable) long-term issue credit ratings to bonds, which will mature in 2036 and pay a semi-annually coupon of 3.195%.

Deutsche Bank and CaixaBank have acted as global coordinators and lead managers. Banco Popular has been co-director, while Bank of America Merrill Lynch has assisted the company in the transaction and has acted as placement agent.

Currently, Vela Energy operates a portfolio of solar photovoltaic plants in Spain corresponding to a total asset investment of more than €1 billion. In Spain and Italy, the firm owns a total of 122 MW of PV facilities and manages a total of 246 MW, including own and third party assets.

Last month the company acquired four PV plant in Seville and Jaen from Abengoa. Since 2006, the Vela team has invested over €2 billion in renewable energy assets.