28 Jun 2017
27 June 2017
Platina Energy Partners LLP successfully completes the €54.4m debt restructuring of the Tagoro solar portfolio
LONDON, 26th June 2017: Platina Partners LLP (“Platina”) has restructured the debt on its Spanish Tagoro Energías Renovables photovoltaic plant. The plant has a total installed capacity of 9.4MW and is located in Arico, Canary Islands, Spain. Tagoro is financed by lenders led by Banco Santander.
The restructuring ensures the project’s long-term viability under the current Spanish renewables regulatory framework and strengthens Platina’s Spanish operations.
Alexandre Labouret, Managing Partner commented: "Platina is delighted to have closed this debt restructuring with the project lenders. Due to a number of changes in the laws affecting the PV sector in Spain, a restructuring of the debt on these assets was required to avoid a potential default.
This completes the debt restructuring cycle of our Spanish PV assets, a process that we initiated in 2014. Our 30MW Spanish solar PV portfolio is now well positioned for the future, with solid operational performance and predictable cash-flows.”
The Madrid Office of international law firm Watson Farley & Williams (“WFW”) advised Platina, having previously advised Platina on the restructuring of Morón Fotovoltaica and Anemoi Cantillana plants in Seville and Mesa de Ocaña in Toledo.
The lenders were advised by Uría Menéndez (legal), EY (financial), Marsh (insurance) and Altermia (technical).