The issue, made on the Alternative Fixed-Income Market with a five-year maturity and a coupon rate of 4.5% per year, has been well received by Mirabaud’s institutional investor base, with the bond increased by 25% due to demand.
The proceeds from the bond’s issue will be used to finance the construction of part of a portfolio of national and international development projects. The portfolio currently amounts to over 800 MW.
This transaction takes Valfortec a step forward in its growth and consolidation strategy as an international leader in the renewable energy market.
This is not the first time Valfortec, one of Spain’s leading independent power producers (IPPs) has tapped into the capital markets for financing: In January 2020, on the advice of Mirabaud’s Corporate Finance and Capital Markets team, Valfortec issued a EUR 51.8 million project bond to refinance the debt of 16 of its photovoltaic parks.
Enrique Aguado, Head of Mirabaud’s Corporate Finance and Capital Market business line in Spain, said, “I am proud to have been able to help Valfortec with this transaction, which is the first issue in Spain of an investment-grade green bond for a pure IPP. With this issue, Mirabaud has consolidated its position as one of the leading companies in advising on transactions in the renewable sector, a sector in which we are very experienced. We will continue to conclude transactions in this sector, thanks to our experience and access to a national and international investor base.”
Throughout the transaction, Bankinter acted as co-manager and paying agent, the Ashurst capital markets team provided legal advice, PKF Attest acted as a registered consultant and the EQA certification body assigned the “green” bond category.