SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“SOLARIA”), (www.solariaenergia.com), the Spanish company founded in 2002 and listed in the Spanish Stock Exchange since 2007 hereby notifies through a joint press release that BlackRock Real Assets is the international institutional investor that fully acquired the project bond named “Senior Secured Notes 3,769% Magacela Solar 1, S.A.U
BlackRock Real Assets has closed a debt investment in an operational solar PV project in the south of Spain owned and operated by Solaria Energía y Medio Ambiente, S.A. (“Solaria”), an experienced international solar developer and operator.
This transaction brings a number of benefits for BlackRock’s institutional clients, including stable, long-term cash flows at an attractive yield underpinned by a fully operational plant with a strong track record. The project also benefits from long-term fixed price operation and maintenance contracts and commercially-proven solar photovoltaics (PV) technology.
Solaria, who currently own, manage and operate PV plants in Spain, Italy, Uruguay, Greece and Brazil with a total generation capacity of more than 70 MW, also provide long-term operations and maintenance for the projects.
Jonathan Stevens, Head of European Infrastructure Debt at BlackRock, said: “We are delighted to have closed this debt investment with Solaria on behalf of our clients. This financing provided an opportunity to extend our investment in the Spanish Solar sector with an experienced partner and at an attractive price.”
“The transaction also builds on a successful first half of 2017 for our Global Infrastructure Debt Platform, bringing total assets under management to $6.4bn”, Mr. Stevens added.
Arturo Díaz-Tejeiro, CEO at Solaria, said: “Working hand in hand on a debut issuance with such a rigorous investor as BlackRock was not just a challenge but also a great pleasure and privilege. The placement of the notes has supposed a major milestone for Solaria. We have been able to restructure and extend the duration of a big part of our debt as well as improving company financials.”
“Solaria can keep on pursuing its plans of increasing consistently the size of its generation perimeter”, Mr. Díaz-Tejeiro added.
SOLARIA keeps on pursuing its plan focused on consolidating and growing its generation portfolio worldwide. SOLARIA currently works actively in new development opportunities both in Europe and in Latin America that will enable to substantially increase the size of its generation portfolio currently of more than 70 MW.
SOLARIA also strives in minimising its cost structure, optimising the financing cost of its projects but also, in reducing recourse debt to the very minimum.
With kind regards,
SOLARIA’s Investor Relations Department
In Madrid the 7th of august, 2017