16 Oct 2020
Investec arranges €72.5m facility to fund Portuguese unsubsidised solar project
Investec Power and Infrastructure Finance UK (“Investec”) has today announced the successful structuring of a €72.5m bridge facility for WElink to re-finance existing debt and fund construction completion of Solara4, a 220MW Solar PV farm located in southern Portugal, ahead of an expected sale.
The farm is Europe's largest unsubsidised solar project and – once complete in 2021 – will provide sustainable energy to 200,000 homes and reduce carbon emissions by 177,000 tons per year.
Investec structured the facility and has been joined by Kommunalkredit as Mandated Lead Arranger on the project. The financing will support WElink as it completes the construction of the project and reaches energisation.
Investec’s Stefan Rattensperger commented:
“This facility creates a bespoke solution for WElink, enabling our client to fund construction whilst retaining the flexibility of exporting power on a merchant basis until a future sale of the project.
“We are proud to be supporting the transition to clean energy, and this project is a great example of our ability to support large scale unsubsidised renewable projects across Europe.”
This transaction follows two large scale unsubsidised solar financings Investec arranged for Gridserve in UK and is part of a strong pipeline of unsubsidised renewable projects Investec are financing in the UK and Southern Europe.
WElink Energy is a leading international developer of renewable energy and low-carbon projects. Founded in 2007, WElink's roots are in renewable energy with extensive experience of solar project development around the world with 1GW of PV projects delivered or under construction and 2GW of PV projects under development.
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For further information please contact:
Luke O’Mahony, Investec (Public Relations)
020 7597 5261
Investec partners with private, institutional and corporate clients to offer international banking, investments and wealth management services in two principal markets: South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,300 employees. In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. In March 2020, the Asset Management business was demerged and separately listed as Ninety One.
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