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Northland Power raises €690mn in non-recourse debt refinancing for onshore wind and solar assets in Spain

image credit: Enerdatics
Mohit Kaul's picture
Founder, Enerdatics

Building Enerdatics. Leadership experience in a high growth SaaS company and secured a successful exit. A natural leader who cares about creating value for all stakeholders. Extensive experience...

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  • Nov 17, 2022

The senior debt package, provided by CaixaBank, will help the Canada-based company refinance and restructure the debt associated with a 551 MW portfolio of projects spread across Spain. The portfolio comprises 33 assets covering onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW), operating under the feed-in-tariff regime. The projects were acquired from Helia Renovables, a renewables platform created by Spain-based investors Plenium Partners and Bankinter in Apr’21, for an enterprise value of $1.27bn. The assets have an average remaining contracted life and debt term of 13.4 years, with a 5-year average annual EBITDA estimated at $107.7mn.

The new senior financing replaced the existing senior debt structure for each separate special purpose vehicle (SPV), with a single holding level financing. The transaction benefits from the portfolio’s technological diversity and allowed for an adjustment to the debt repayment profile. The adjustment accounts for the currently high electricity prices in Spain and will improve cash distributions from the portfolio. Green Giraffe supported the Northland Power team with debt restructuring considerations, financial modeling, due diligence management as well as commercial support. The financing was closed on November 3rd, 2022.

Sanskruti  Rajore's picture
Sanskruti Rajore on Nov 18, 2022

Renewable energy capacity in Spain is anticipated to grow at a CAGR of over 8% between 2022 and 2027. The government authorized the public-private financial legislation to aid renewable energy projects in December 2021. More than € 6.9 bn in public funds were allotted under this strategy.  Since then, the nation has seen significant investments in wind technology from international organizations and private parties.  Siemens Gamesa, Acciona, Iberdrola, Cobra Group, and Red Electrica are some of the well-known firms. Iberdrola also raised $7.2bn through debt and green bonds, YTD 2022.

Kshitij NR's picture
Kshitij NR on Nov 21, 2022
Once the assets part of the Helia Renovables portfolio reach the end of their regulatory contracted life, Northland Power Inc. will market the power produced from the projects in Spain's merchant market or will secure a corporate or utility power purchase agreement (PPA).

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