Solarpack has closed an ESG-linked syndicated credit facility of €310 million with ICO, HSBC, Crédit Agricole CIB (CA-CIB), Natixis CIB, Santander CIB, Société Générale and BBVA. CA-CIB will act as agent bank and HSBC will play the sustainability advisor role.
This euro-denominated facility has an initial term of three years with the possibility of an extension of up to two years. It also includes an additional uncommitted tranche that allows the initial amount to be increased by a maximum of €175 million, subject to each lender consent.
The funds will be used to build new solar photovoltaic plants in markets where the company is present and plans to increase its market share (Spain, United States, Italy, Chile, Peru, Colombia, among others) and will allow Solarpack to further deliver its corporate purpose: to accelerate the transition towards clean and affordable energy for all.
The company currently manages an operating portfolio and pipeline of 11GW and expects to have more than 5GW in operation by 2026.
“The successful closing of this first sustainable corporate financing facility is a reflection of the syndicate lenders’ confidence in the management team’s ability to execute the company’s ambitious growth plan. Furthermore, the sustainability criteria included in the structure confirms Solarpack firm commitment to the highest standards of sustainability, corporate governance, and environmental improvement,” said Luis Alvargonzalez, Solarpack CFO.
The deal’s advisors were Clifford Chance for Solarpack and Latham & Watkins for the financing entities.
Clifford Chance advised Solarpack with a multi-jurisdictional team was led by partner Taner Hassan, senior associate Silvia Menéndez and lawyer William Goulbourne (Finance, London) and partner Epifanio Pérez, and lawyers Ignacio Magariños and Maria Vispo (Finance, Madrid), with the support of partner Marc Mehlen and lawyer Javier Fernández-Becerra (Finance, Luxembourg) and counsel Roberto Grau (Tax, Madrid).
