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Thursday, February 22, 2024

Cuatrecasas advises Kobus Partners on the creation of a RAIF fund for renewables

Cuatrecasas has advised Kobus Partners Management SGEIC S.A. on the creation, together with Banca March, of a RAIF (Reserved Alternative Investment Fund) fund for financing renewables

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Spanish bank Banca March and Madrid-based private equity manager Kobus Partners have joined forces to launch a €200m fund specialised in providing unitranche debt to finance the construction of renewables in the eurozone with a focus on Spain and Portugal. This is the first Spanish fund specialising in this type of debt.

This type of unitranche debt stands out for allowing the financing of up to 90% of construction costs at a slightly higher cost than traditional bank debt. Moreover, this alternative does not require the contracting of energy price hedges and allows refinancing after the third year.

The fund, known as Kobus Asset Finance I, has an initial endowment of €57 million, which will rise to €200 million, and will focus on Spain and Portugal. Only Banca March clients will have access to the fund, and it will have a financial guarantee granted by the European Investment Fund (EIF). With this alliance, it will be possible to build photovoltaic and wind projects equivalent to around 300 MW, with an individual size of less than 50 MW.

The team involved in the transaction was formed by Financial Services & Funds partner Jorge Canta, along with Corporate lawyers Ana Serrano and Daniel del Pozo.

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