Kobus Partners, a fund management firm specialized in renewable energy and energy infrastructure, has refinanced its entire debt portfolio for a total of EUR 207 million through hybrid bonds and project finance debt.
The funds raised will be used to refinance 22 operational solar photovoltaic projects with a combined installed capacity of 37,7 megawatts (MWp) across Spain, owned by its second investment vehicle, Kobus Renewable Energy II. These assets operate under the Spanish regulatory framework with a 30-year guaranteed regulated tariff.
The funding includes i) the issuance of a Project Bond for a total amount of EUR 100 million, with maturity on June 2038, as well as ii) the issuance of a Floating Bond of EUR 17 million, and iii) and Project Finance of EUR 90 million, both with maturity on December 2031.
Macquarie Infrastructure Debt Investment Solutions (MIDIS), a specialist lender to the infrastructure sector and part of the Australian-headquartered Macquarie Group, has fully subscribed the bond issuances, while Bankinter and Santander have subscribed the Project Finance.
The transaction was led by Kobus Partners. In addition, Bankinter has acted as Sole Financial Advisor on the coordination and structuring of the refinancing, Deloitte as legal advisor and Deloitte Financial Advisory as advisor on the financial derivatives. Linklaters has acted as legal advisor for the lenders. Bankinter and Banco Santander have acted as Bookrunners on the bond issuances and Mandated Lead Arrangers of the project finance.
According to the partners of Kobus Partners, Pablo Guinot, Felipe Mesía and Carlos García-Monzón, this partnership with Macquarie, as a top ranked institutional investor, is a very important milestone that allows them to provide their second fund’s portfolio a more efficient and adequate financial structure under a cash yield generation profile.