TXF Originals

BayWa closes 66MW Italian wind portfolio financing

BayWa r.e. have sealed financing for a 66MW portfolio of wind farms in the Italian regions of Lazio and Campania. The portfolio comprises three projects: the 18MW Arlena and Tessennano wind farms in Lazio and the 48MW Eolica San Lupo wind farm in Campania.

Sole underwriter NordLB is providing a 15-year €100 million ($113.5 million) debt portion which includes some ancillary facilities. However, a second bank is expected to join the deal next week.  With a 20-year feed-in-tariff priced at €66/Mwh, lenders can take comfort from there is a five-year positive tail on the 15-year debt. The margin on the debt is between 150bp-200bp.


TXF in depth

Rusal: Going green or a tinge of greenwash?
Rusal: Going green or a tinge of greenwash?
Aife Howse
5 November 2019

Given its status as the world's second largest aluminium producer, Rusal's sustainability-linked loan debut is good news for the growing ESG movement. But like other deals in the commodity sector that have closed before it, the financial structure in Rusal's deal lacks the teeth to leave no doubt that it is not tinged with a bit of greenwash.

Saint Nazaire: A first financing for French offshore wind
Saint Nazaire: A first financing for French offshore wind
Niamh Curran
5 November 2019

France’s first offshore wind farm project financing – the 480MW Saint Nazaire scheme – had an extended deal gestation of over seven years after facing several legal and environmental challenges. But despite its troubled path to financial close, the deal priced at a margin and tenor on a par with more mature European offshore wind markets.

Finding the sweet spot on trade digitisation and working capital management
Finding the sweet spot on trade digitisation and working capital management
Katharine Morton
4 November 2019

Are corporate treasuries, fintechs and banks missing a trick on cross border working capital optimisation and what will the next five years hold? TXF's roundtable discussion of digitisation and international trade hosted in London by DBS highlights where the sweet spots will lie.

TXF Originals

Spectra Solar raising DFI-backed project facility
18 November 2019

Spectra Solar Park (SSPL) – a joint venture between Spectra Engineers and Shunfeng Investments – is raising $38.5 million of 12-year proje...

Ithaca closes RBL to acquire Chevron's North Sea assets
15 November 2019

Ithaca Energy, a subsidiary of Israeli energy and infrastructure company Delek, has announced that its acquisition of Chevron’s North Sea fields...

Gulf PD signing nears
14 November 2019

Gulf PD – a joint venture between Gulf Energy Development (GED) and Mitsui – is expected to sign a $1.5 billion dual-currency facility for...

ENH to start raising $1.5 billion for Mozambique LNG project next week
13 November 2019

Next week, Mozambique’s state oil and fuel company Empresa Nacional de Hidrocarbonetos (ENH) is to launch a $1.5 billion capital raise to financ...

NLNG train seven debt out to banks
13 November 2019

Nigeria LNG (NLNG) is out to banks with the debt package for its train seven project. The deadline for responses is December 10. SCD Group – a j...