We are pleased to announce the closing of Project Guadiana in which Astris assisted Amarenco, a leading, Irish-based Solar IPP, in the financing of a portfolio of solar assets.

The transaction includes the refinancing of a 49MW project that has been operating since March 2021 and the financing of two greenfield solar projects, with an aggregate installed capacity of 80MWp. Signing of the financing facilities occurred in June and this month the last project of the portfolio reached financial close which enables Amarenco to fully utilize the 45M€ senior financing facilities.

In addition to the senior facilities, Astris assisted Amarenco to recycle the bridge loan that was raised to finance construction into a mezzanine facility, leading to a total debt package of 82M€. The projects will benefit from a short-term PPA.

The Guadiana transaction is part of a pipeline of Solar PV ground-mounted assets that Amarenco is currently developing in Spain.

The new financing brings several important benefits to Amarenco in terms of structure, leverage, and cash flow stability for the shareholder. The senior financing facilities have been provided by Rabobank, Unicredit and ING.

Astris Finance acted as exclusive financial advisor to Amarenco.