Giacote S.A.

Ceibo PV Solar Portfolio - Refinancing

Borrower (s)
Industry
Power/PV solar
Area of finance
Project & Infrastructure Finance
Country
Uruguay

Deal Overview

Hudson Sustainable Investments has a portfolio of six operating PV solar facilities in northwestern Uruguay totaling 84 MW (DC) (collectively, the “Portfolio”). The Portfolio benefits from six 30-year, USD-denominated, inflation-indexed power purchase agreements with...

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Hudson Sustainable Investments has a portfolio of six operating PV solar facilities in northwestern Uruguay totaling 84 MW (DC) (collectively, the “Portfolio”). The Portfolio benefits from six 30-year, USD-denominated, inflation-indexed power purchase agreements with Administración Nacional de Usinas y Transmisiones Eléctricas (“UTE”), Uruguay’s state-owned utility, rated “AAA” locally and “BBB” globally by S&P. One plant, Raditon, achieved COD in December 2015, while the other plants achieved COD between January and October of 2017. All are contracted with Omega, a subsidiary of Teyma Uruguay S.A. (“Teyma”) for O&M services. This transaction served as a refinancing of the Portfolio. The Portfolio was originally constructed using an IDB construction facility. The facility was refinanced through senior secured notes which were rated “BBB-“ from Kroll; MUFG acted as Ratings Advisor on the transaction. Additionally, the transaction obtained a “Green” Second-Party Opinion from Sustainalytics. 

The transaction was executed as a single-investor placement, minimizing execution risk and allowing for a high degree of flexibility on the debt structure. The coupon was fixed in September, taking advantage of low rate environment and subsequently allowing the issuer and investor to focus on diligence and documentation. The transaction was notable in its achievement of an investment grade rating from Kroll (BBB-). MUFG, as Ratings Advisor, successfully led the Sponsor through the ratings process. Additionally, MUFG acted as Green Bond Structuring Agent, obtaining a “Green” Second-Party Opinion from Sustainalytics.

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Deal Volume
$ 100.78m
Financial Close
22 December 2020
Sources
Submitted by participant(s)

All Dealmakers

Makela Hughes

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Tranches


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Projects

Giacote PV Solar

Greenfield
PV solar
Uruguay
$ 69.61m

Raditon PV Solar

Greenfield
PV solar
Uruguay
$ 16.8m

Petilcoran PV Solar

Greenfield
PV solar
Uruguay
$ 16.8m