AES Solar closes on over $98MM in financing for 18MW PV portfolio in Italy

Source: The AES Corporation

AES Solar, a joint venture between the AES Corporation (NYSE:AES) and Riverstone Holdings LLC, announced that one of its subsidiaries closed earlier this month on long-term non-recourse financing facilities of €68 million (US $98.2 million), named “Azimuth”, to finance the construction of a portfolio of solar photovoltaic (PV) projects totaling 18 MW, located in the Lazio, Puglia and Sicily regions of Italy. 

Four mandated lead arrangers (“MLAs”) participated in this financing: Dexia Crediop (Facility Agent) and Société Générale, as Coordinating Banks, together with DnB NOR and ING. The facilities cover up to 81 percent of estimated project costs with a final maturity date of 18 years post construction. The financial model base case prepared for this financing was set targeting a minimum and average debt service coverage ratio (“DSCR”) of 1.30x. 

The four plants financed by these facilities either have or are expecteaesd to reach commercial operation between now and the end of Q3 2011, which will qualify them for a 20-year regulated feed-in tariff under the “Conto Energia” renewable energy tariff structure. 

AES Solar currently has a global operating portfolio of 127 MW in Italy, Spain, Greece, Bulgaria and France, and with the addition of its assets under construction, has a total portfolio of 159 MW of projects.

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