Cubico Sustainable Investments has achieved financial close on the refinancing of the 50 MW Arenales concentrated solar power (CSP) project in Morón de la Frontera, Seville, southern Spain.
The refinancing was completed with a green loan and follows the company’s acquisition of Arenales in February 2020.
The project, which became operational in 2013, uses parabolic trough thermosolar technology with seven hours of molten salt storage.
The total amount of non-recourse long-term project finance debt raised was EUR247 million (US$281 million). The mandated lead arrangers are Société Générale, Crédit Agricole, CaixaBank, Export Development Canada, and BNP Paribas.
Cubico was advised by Herbert Smith Freehills (legal) and Chatham Financial (hedging).
The MLAs were advised by Clifford Chance (legal), OCA Global (technical), Willis Towers Watson (insurance), and EY (tax and model audit).
