Invenergy issues bonds to repay debt of 50-MW solar park in Uruguay

Solar farm. Author: Michele Lamberti. License: Creative Commons, Attribution 2.0 Generic.

January 31 (Renewables Now) - US firm Invenergy Wind LLC has issued an investment grade bond of USD 64.75 million (EUR 52m) to refinance debt for its 50-MW La Jacinta solar park in Uruguay.

The project bond, which was assigned a Baa3 rating and green bond certification by Moody’s, was offered on the US private placement market with a tenor of 24.5 years. Funds from the transaction will go to repay an existing construction loan for the photovoltaic (PV) project, which Invenergy bought from Spanish solar developer Fotowatio Renewable Ventures (FRV) in March 2017.

Located in Salto department, the La Jacinta plant started operations back in 2015. It consists of 216,000 BYD solar modules and inverters by Ingeteam and has an annual production of 102,735 MWh, enough to meet the demand of more than 34,000 households.

The plant operates under a power purchase agreement with state-owned utility Administracion Nacional de Usinas y Trasmisiones Electricas (UTE).

Invenergy noted that the bond placement was carried out under its renewables unit Invenergy Renewables LLC under the umbrella of IDB Invest, the private sector arm of the IDB Group. The offering was structured and arranged by DNB Markets Inc, which also served as sole placing agent.

(USD 1.0 = EUR 0.803)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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