Atlas Renewable Energy, backed by private equity investor Actis, said on Monday it has closed USD 114.4 million (EUR 98.2m) in long-term financing for its El Naranjal and Del Litoral solar power plants in Uruguay.
The plants located in Salto in the northern part of the country, which have a combined capacity of 75.8 MWp, have been in operation since September 2017 and June 2017, respectively. They have power purchase agreements (PPAs) 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. IDB-Invest was the lender of record.
Atlas chief executive Carlos Barrera said that as the renewables sector grows, the company will continue to pursue innovation in every aspect of its business, including capital structuring.
Emilio Fabbrizzi of DNB Markets said that this is DNB Markets' third green project bond deal in Uruguay. "In this transaction we were able to push the envelope and place not only an investment grade senior tranche, but also a sub-investment grade subordinated tranche with private investors, both at very attractive rates and long tenors," Fabbrizzi added.
Atlas has a portfolio of 800 MW of contracted projects in development, construction, or operation in Latin America.
(USD 1 = EUR 0.858)
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