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Corporate Finance

Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.


Case study

Valfortec: issuance of a corporate investment grade green bond

Mirabaud acted as a structurer and lead arranger, defining a transaction structure that provides Valfortec with an investment grade credit rating enabling the issuer to finance the equity required for the construction of photovoltaic projects.

About Valfortec

Valfortec is an Independent Power Producer (IPP) vertically integrated with its parent company which designs, develops, builds, operates and maintains photovoltaic projects. Founded in 2005 in Castella (Spain), the Issuer has established itself as a benchmark in the renewable energy sector, with experience in the development, construction and operation of photovoltaic projects with an installed capacity of 75 MW. The company currently has projects in operation under Feed in Tariff regimes with an installed capacity of 32 MW in Spain, the United Kingdom, Japan and Chile.

Valfortec has a clear industrial vocation, with strategic positioning aimed at combining:

  • long-term ownership of the projects it develops and builds that have a greater strategic fit with its business model, with
  • the sale of the remaining projects, at various stages of development, with the aim of reaching c. 250 MW of aggregate installed capacity in operation by 2023.


Visit Valfortec official website 

Transaction overview

The target objective was to raise corporate financing to fund the equity required for the construction of c. 250 MW under development, being the first corporate issue of an unlisted IPP in the renewable energy sector in Spain.

The issue has been placed within the domestic institutional investor base and listed on BME's Mercado Alternativo de Renta Fija (MARF).

Valfortec's structure and credit quality maximized investor interest, which is why, given the high investor demand, the issue size was increased by 25% up to €25m.

This transaction pushes Valfortec a step forward in its growth and consolidation strategy as an international leader in the renewable energy market.

I am proud to have been able to facilitate this ground breaking 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 advisors on transactions in the renewable sector, an industry in which we are highly experienced. We will continue to oversee transactions in this sector, thanks to our extensive knowledge and unique access to a national and international investor base.

Enrique Aguado
Head of Corporate Finance & Capital Markets

Mirabaud contribution and added value

Mirabaud acted as structurer and lead arranger, defining a transaction structure that provides Valfortec with an investment grade credit rating. This therefore enables the Issuer to finance the equity required for the construction of photovoltaic projects on attractive financing terms, both in terms of cost and maturity.

Mirabaud played a crucial, multi-faceted role in the transaction.

Firstly, the assistance in:

  • the definition of the T&C of the issue,
  • the elaboration of the business plan,
  • the preparation of the information and monitoring of the process with the rating agencies to obtain investment grade (Axesor) and the certification of green financing instrument (EQA), as well as
  • in the definition and execution of the placement strategy among specialised investors

Secondly, the identification of the domestic institutional investor base by our Fixed Income team interested in participating in the issue, as well as the settlement execution of the transaction, carried out by Mirabaud's operations team.

This transaction reinforces Mirabaud's position as a leading advisor in the design and fundraising of non-bank alternatives in the renewable energy sector.

Key data

IssuerValfortec, S.L.
Type of IssueGreen Corporate Bond Investment Grade (Green instrument certified by EQA)
Corporate RatingBBB- (by Axesor)
RankSenior Unsecured
Amount 25,000,000
Maturity5 years (100% bullet)
SectorRenewable Energy
Use of ProceedsFinance the own resources necessary for the construction of the portfolio of projects under development
Incurrence CovenantsLimitations on (i) financial indebtedness with recourse and (ii) distribution of dividends
MarketMercado Alternativo de Renta Fija (MARF) - BME
Mirabaud RoleStructurer & Lead Arranger (in addition to other value added services such as settlement bank)

Mirabaud has accompanied us since 2019 in the growth process of Valfortec to become a nationally relevant independent power producer, advising us both in the structuring and placement of the different bond issues with institutional investors through the national and international capital markets, and in the corporate reorganization and institutionalization of the business with the aim of laying the foundations to future growth.

Fidel Roig Agut
General Manager & Main Shareholder

Case Study

Case Leader

Corporate finance

Enrique AGUADO

Head of Corporate Finance & Capital Markets

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