IPPToday #332: Total Eren refinances solar and wind assets in Greece for US$225 million
- Total Eren
- EFG Eurobank Ergasias
- Alpha Bank
- National Bank of Greece (NBG)
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Total Eren has announced the successful refinancing of EUR200 million (US$226.0 million) of existing debt on part of its solar and wind asset portfolio located in Greece. The assets concerned represent a total capacity of 162 MW.
The refinancing constitutes EUR130 million (US$146.9 million) long term non-recourse senior debt provided by Eurobank Ergasias, while Alpha Bank subscribed to the remaining EUR70 million (US$79.1 million).
Eurobank Ergasias acted as sole mandated lead arranger, bookrunner, hedging counterparty and account bank for the transaction, and also financed a EUR1.9 million (US$2.1 million) VAT facility.
The proceeds of the transaction are used to prepay in full around EUR110 million (US$124.3 million) of existing debt in a portfolio of four wind and seven solar photovoltaic (PV) projects totaling 127 MW and 35 MW respectively. The refinanced debt was raised from the National Bank of Greece gradually since 2015.
The remaining proceeds will support Total Eren’s growth objectives and enable further investments in renewable energy projects in Greece.
In Greece, Total Eren owns a total gross installed capacity of 290 MW (260 MW of wind and PV projects in operation as well as 30 MW of wind projects under construction). Earlier this month, the company was awarded capacity for a 14.4 MW wind project in Greece’s Regulatory Authority for Energy (RAE) second renewable energy auction.