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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: advising on a project bond issue

Mirabaud acted as structurer and sole bookrunner in Grupo Valfortec’s Project Bond issue of €51.8m for the refinancing of several solar PV plants in Spain.

About Valfortec

Valfortec is a group specialised in the development, construction, operation, maintenance and management of photovoltaic farms, both nationally and internationally (Japan, Chile and the United Kingdom).


Visit Valfortec official website

Transaction overview

  • The financing perimeter included 16 solar photovoltaic farms with a nominal power of 12.25MW located in the eastern part of the Iberian Peninsula (Community of Valencia, Catalonia, Aragon and Murcia), which came into operation between 2006 and 2012.
  • The target was to refinance 16 Valfortec plants with new money (Project Bond), which allowed the shareholders to:
    • significantly extend the financing tenor
    • distribute an extraordinary dividend at the time of issue
    • eliminate "cash sweeps" from former bank financing, allowing the distribution of a relevant annual dividend, and simplify the previous corporate structure by creating an issuing holding company.
  • Mirabaud succeeded in attracting the interest of more than 15 investors for the refinancing of the plants including both institutional investors and national banks, completing the transaction within just three months.
  • On December 23rd, Valfortec Group closed the issuance, aimed at refinancing for an amount of EUR 51.8m. The bond was issued for a term of 20.5 years with a fixed annual coupon of 2.5%.
  • The Transaction was executed with a European institutional investor and was listed on the Frankfurt Stock Exchange (Freiverkehr).

International institutional funds show a growing interest in this type of operation. This transaction reinforces Mirabaud's position as a reference advisor in project bond issuances, an alternative financing channel to banking that brings significant advantages for the owners of this asset class

Enrique Aguado
Head of Corporate Finance & Capital Markets

Mirabaud contribution and added value

  • Mirabaud acted as the structurer of this highly complex transaction, bringing together under the holding issuing company more than 50 operating companies and 105 photovoltaic installations through diverse intercompany contribution and acquisition mechanisms, executing the transaction in just three months.
  • The structure of the transaction allows Valfortec Group to refinance the projects debt at very attractive terms, taking advantage of the good market conditions for alternative debt instruments.
  • Project bonds offer higher flexibility in terms and conditions compared to bank financing, allowing longer financing periods (>20 years), higher degree of leverage, recurring generation of cash for the shareholders, and a diversified investor base, allowing entrance of institutional investors in the capital structure of the Company
  • This transaction strengthens Mirabaud's position as a leading advisor on Project Bonds issues to international institutional investors.

Key data

IssuerValfortec Finance (Grupo Valfortec’s subsidiary)
SectorEnergy – Solar PV
Issue MarketFrankfort Stock Exchange - Non-regulated Market (Freiverkehr)
Transaction typeProject Bond – Brownfield
Size€ 51,800,000
Tenor20.5 years
Mirabaud RoleSole Bookrunner

Case Study

Case Leader

Corporate finance

Enrique AGUADO

Head of Corporate Finance & Capital Markets

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