Peruvian solar portfolio refi nears financial close
Sponsors of a solar power farm portfolio in Peru - Spanish developer Solarpack Corporacion Tecnologica and French investment fund manager Ardian - are expected to refinance the debt package stapled to the scheme. Financial close is targeted for the end of the year.
The portfolio comprises the 22.2MW Tacna project in the department of Tacna and the 21.2MW Panamericana project in the department of Moquegua. The projects have dollar-denominated power purchase agreements awarded by the Peruvian Ministry of Energy in the country's first renewable auction in 2010. The contracts have 12.5 years left to run.
Societe Generale is understood to be part of the lending syndicate, joining SMBC and BNP Paribas. Astris Finance is providing financial advice to the sponsors. The refi will replace a $185 million 18.5-year non-recourse loan provided by the US Development Finance Corp (then the Overseas Private Investment Corp) in 2012, at which time the cost of the projects was estimated at $251 million.
