Crédit Agricole and Société Générale were structuring mandated lead arrangers and bookrunners for the long maturity non-recourse facility.
It will be used to refinance debt linked to Cubico’s acquisition of the 27.4 MW Solis portfolio of solar assets, most of which was bought in May this year from funds linked to Swiss private equity firm Partners Group. One asset being refinanced was bought in August 2018. They are all fully operational, range in generational capacity from 1MW to 5MW and are in Lazio, Veneto and Sicily.
Cubico has been active in raising project finance debt this year. In February, the firm signed a £258m 16 year term loan to refinance a 200MW wind and solar portfolio in the UK.
Helaba, ING, NAB and Siemens provided that financing, according to Dealogic.