Atlas Renewable Energy, backed by private equity investor Actis, has closed the USD 114.4 million long-term financing for its two solar projects. The facilities involved are:
- 54 MWp El Naranjal solar photovoltaic project
- 17.4 MW Del Litoral solar photovoltaic project
The projects have been in operation since September 2017 and June 2017, respectively, and has a 30-year power purchase agreement deal with state-owned utility Administracion Nacional de Usinas y Trasmisiones Electricas (UTE) in place till December 2043.
The financing was obtained via a US private placement with several international investors. It was placed by DNB Markets Inc and the Inter-American Investment Corporation (IDB-Invest) and arranged as an A/B Bond structure with a senior and a subordinated note.
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