Kobus Partners, a fund management firm specialized in renewable energy and energy infrastructure, has refinanced its entire debt portfolio for a total of 207 million euros through hybrid bonds and project finance debt.
The funds raised will be used to refinance 22 operational solar photovoltaic projects with a combined installed capacity of 37,7 megawatts (MWp) across Spain, owned by its second investment vehicle, Kobus Renewable Energy II. These assets operate under the Spanish regulatory framework with a 30-year guaranteed regulated tariff.
The funding includes i) the issuance of a Project Bond for a total amount of 100 million euros, with maturity on June 2038, as well as ii) the issuance of a Floating Bond of 17 million, and iii) and Project Finance of 90 million, both with maturity on December 2031.
Macquarie Infrastructure Debt Investment (MIDIS), a specialist lender to the infrastructure sector and part of the Australian-headquartered Macquarie Group, has fully subscribed the bond issuances, while Bankinter and Santander have subscribed the Project Finance.
The transaction was led by Kobus Partners. In addition, Bankinter has acted as Sole Financial Advisor on the coordination and structuring of the refinancing and Deloitte Legal as legal advisor. Linklaters has acted as legal advisor for the lenders. Bankinter and Banco Santander have acted as Bookrunners on the bond issuances and Mandated Lead Arrangers of the project finance.
The transaction was led by Kobus Partners. In addition, Bankinter has acted as Sole Financial Advisor on the coordination and structuring of the refinancing and Deloitte Legal as legal advisor. Linklaters has acted as legal advisor for the lenders. Bankinter and Banco Santander have acted as Bookrunners on the bond issuances and Mandated Lead Arrangers of the project finance.
Note: All the information was collected of a Kobus Partners Press Release