Atlas delays close for La Pimenta solar project loan

Atlas Renewable Energy is expected to reach full financial close for its 444MW La Pimienta solar project project in Mexico by year-end. The sponsor had initially penciled in financial close for late June or early July.

Norway’s DNB won the mandate earlier this year as bookrunner on a private placement for the scheme, which is located in Ciudad del Carmen and Palizada, in the state of Campeche. 

The $200 million deal is being structured as an A/B transaction, with IDB Invest and Bancomext providing the A tranche. IDB’s ticket comprises a $50 million loan, while Bancomext is arranging a $30 million long-term debt package. A New York-based source said there is less appetite among institutional investors in the country.