20th July 2018


A North American sponsor has mandated three lenders to back the financing of a circa 500MW portfolio of PV projects awarded in Spain’s July 2017 auction.

Toronto-based Northleaf Capital Partners earlier this year reached a deal to acquire the 493MW portfolio from ACS energy division Cobra, according to sources, and has in recent weeks selected Banco Sabadell, Bankia and BNP Paribas as lenders to the portfolio.

The portfolio has an estimated capex of EUR 350m – EUR 400m. Project debt is expected to make up 55%-60% of total capex.

The sponsors are pushing for a 20-year tenor, plus construction. Pricing is believed to be in the mid 200bps plus Euribor range.

Northleaf is being advised on “Project Mula” by Global Capital Finance. It is believed to be aiming to reach financial close in September.

Cobra was awarded a total of 1.5GW of PV at auction last year, subsequently putting the pipeline up for sale in three separate tranches, according to sources in the Spanish market.

Cobra will retain EPC duties on the 1.5GW portfolio of solar it has put up for sale. Northleaf declined to comment.