28 June 2017
Platina completes the debt restucturing A 20 MW PC portfolio in Spain
Financial restructuring by Platina of three Spanish PV projects financed by Unicredit (London Branch)
LONDON, 23rd January 2016: Between July and December 2016, Platina Energy Partners LLP (“Platina”) successfully restructured with Unicredit (London Branch) ca. €100m of non-recourse long-term financing, originally used to finance a 20 MW photovoltaic portfolio, consisting of three operational projects located in mainland Spain.
The financial restructuring of the portfolio will allow the optimisation of the financing structure and improve cash flows.
"Platina is delighted to have closed this debt restructuring with Unicredit – London Branch. Due to a number of changes in the laws affecting the PV sector in Spain, the financial health of these plants was seriously challenged and a significant restructuring of the debt on these assets was required to avoid a potential default. The process was long and complicated, however, with the help of the lender (and of all the professionals involved), a mutual agreement was eventually reached and this transaction was successfully closed by year end.
2016 was a year during which Platina used good momentum on the financial markets to complete six refinancing/restructuring processes and also make a number of operational improvements on Platina’s renewable portfolio across Europe, particularly on assets located in Spain, Italy, UK and Sweden."
Watson Farley Williams (Madrid office) advised Platina.
Uria Mendez, Altermia, Marsh and PWC advised the lenders.