KENTA CAPITAL has acted as Financial Advisor and Hedging Coordinator to Velto Renewables on the refinancing of more than €800 million of debt backed by one of the company's operating solar portfolios in Spain, a strategic transaction that strengthens Velto Renewables' financial structure and supports its long-term growth strategy.
Velto Renewables, an independent renewable energy producer with a long-term asset ownership strategy, has successfully completed an EUR 800+ million refinancing for a portfolio of 76 operational solar photovoltaic plants in Spain, representing 218 MWp of installed capacity.
The refinancing project covers a portfolio of assets operating under Spain’s regulated RECORE framework (RD 413/2014). The new financing structure strengthens the company’s long-term capital structure, enhances financial flexibility and supports the continued optimization of the portfolio’s operational performance, while also simplifying the group’s corporate structure.
The deal has been executed with the participation of Crédit Agricole (CA-CIB), Export Development Canada (EDC), BBVA, BNP Paribas, Abanca, ING, Deutsche Bank and CaixaBank, acting as financing institutions in the transaction, and supported by a team of specialist advisors, including Kenta Capital as Financial and Hedging Coordinator; Garrigues as legal counsel to the lenders; Gómez-Acebo & Pombo, Watson Farley & Williams and Ramón y Cajal as legal counsel to Velto Renewables; Enertis as Technical Advisor; and Howden as Insurance Advisor.
This refinancing represents an important milestone in Velto Renewables’ financial strategy, reinforcing the company’s platform for future growth while supporting the efficient management of one of its core operating portfolios.
Lucas de Haro, CEO of Velto Renewables, stated: “This refinancing is structured as part of our 2026-2030 strategy: “Operational Excellence as the foundation for Growth”. The relevant portfolio was acquired in 2020, this transaction rationalizes its debt structure as Velto continues to optimize long term operations.”
Álvaro Gispert, CFO of Velto Renewables, added: “The project required close coordination among financial institutions, advisors, and internal teams to successfully execute a highly complex transaction. The outcome is a more efficient and flexible financing structure that strengthens the company’s financial position.”
With this transaction, Velto Renewables reinforces the financial strength of a portfolio of assets acquired in 2020 and consolidates a platform ready to continue developing investment opportunities and creating value in the renewable energy sector in Europe.
About Velto Renewables
Velto Renewables is a renewable energy independent power producer with a long-term asset ownership strategy. Established in 2020 and backed by the global investment group La Caisse (formerly CDPQ), Velto Renewables is committed to contributing to the decarbonization of the global economy and the European energy transition by investing in and developing an international and multi-technology portfolio of renewable energy projects. Velto currently owns more than 600 MW of operating and under construction solar PV and wind projects in Spain and France, manages a 25% investment in a 630 MW offshore wind farm in the United Kingdom, develops 1+GW of greenfield projects in Iberia, and is seeking to grow its portfolio by becoming a local player in the countries and regions where it invests.
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