Barcelona, Spain [RenewableEnergyWorld.com] AES Solar Energy Ltd, a joint venture between The AES Corporation and Riverstone Holdings LLC, announced that one of its subsidiaries has completed the financing process on a €70 million [US $95.8 million] non-recourse debt facility for five of its solar photovoltaic (PV) projects in Spain.
The loan was provided by UniCredit Mediocredito Centrale of Italy and Rabobank of the Netherlands. The financing is at an initial margin of 255 bps to EURIBOR per year and it is amortised based on an underlying tenor of 18 years, AES Solar said.
The joint venture said that the PV solar installations covered by the debt facility are part of its eight operating power plants in Spain. The projects qualify for a favorable regulated tariff under the Spanish Special Regime for renewable projects (Royal Decree 661/2007).