Ardian, Solarpack closes refinancing of three Peruvian solar projects

Ardian and Solarpack have secured a total non-recourse, fully-amortizing debt of US$212.6 million and non-recourse debt service reserve letters of credit of US$12.5 million for the refinancing of the Tacna, Panamericana, and Moquegua assets in Peru.

Astris served as exclusive financial advisor for the refinancing process which consisted of three separate asset level facilities. The refinancing was closed with three international commercial banks, BNP Paribas, Societe Generale, and Sumitomo Mitsui Banking Corporation. The original lender to the three assets was the Development Finance Corporation, previously known as the Overseas Private Investment Corporation.

The refinancings extended the debt maturity by 2 to 4 years depending on the asset while taking advantage of current interest rates levels and additional competitive economic terms from the new Lenders. The transaction achieved an initial closing in November and will be fully closed by year-end.