Deutsche Bank achieves Financial Close on 20MW Solar Power Plant “Solaris”, Spain
Deutsche Bank has achieved on 26 June 2007 Financial Close on a landmark hybrid private wealth management and capital markets portfolio project financing of a photovoltaic solar energy park in El Bonillo (Albacete), Castillia La Mancha, Spain.
This is the first solar power project in Europe to be financed using a capital markets solution and the first renewables project financing to reach financial close in Spain since the new tariff regime for renewables (Royal Decree 661/2007) came into effect on 1 June 2007. The financing uses an innovative funding solution that accommodates best the needs of investors and project developers for the successful implementation of the project.
The transaction is designed to benefit from the regulated tariffs afforded by the Special Regime under the new Royal Decree, under which generators under 100kW are eligible for favourable tariffs. The park consists of 200 individual power stations owned by private and corporate investors introduced by Deutsche Bank, Private Wealth Management, Spain. The individual power stations benefit from common infrastructure, construction, operation and management provided by companies in the Abastecimientos Energéticos, S.L.U. ("Abaste") Group.
The financing, totalling Euro 217 million and including Euro 185 million senior notes is provided on a portfolio basis to the 200 power stations through a Luxembourg Issuer Vehicle. Euro 33 million are provided in the form of equity and quasi-equity instruments. This transaction is the first capital markets solution of its kind in Europe for this asset class. It is also an exciting milestone in the development of hybrid project finance and, in particular portfolio aggregation, as it provides private client investors with the benefits of the international capital markets. This transaction further consolidates Deutsche Bank’s position of developing innovative and pioneering transactions combining its equity distribution power in the Private Wealth Management Business with its structuring and advisory capacity and pre-eminent capital markets, securitisation and derivative financing capabilities.
For further information, please call:
Dr. Ronald Weichert +49 69 910-38664
Press and Media Relations
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