Velto Renewables and CaixaBank Corporate & Investment Banking (CaixaBank CIB) have successfully completed the refinancing of a portfolio of operational solar photovoltaic projects in Spain with a total installed capacity of 98 MWp.

The transaction totals €366 million and has a 15-year tenor.

The portfolio operates under Spain's RECORE regulatory framework (Royal Decree 413/2014). The refinancing will adapt the existing financing structure to one that is better aligned with both the current regulatory framework and Velto Renewables' asset management model, providing a more flexible platform for the long-term management of the assets.

In the transaction, CaixaBank CIB acted as Bookrunner and Green Agent, while Kenta Capital served as Financial Advisor and Hedging Coordinator to Velto Renewables, advising on the financial structure and hedging strategy.

Watson Farley & Williams acted as legal counsel to Velto Renewables, while Garrigues advised CaixaBank.

The refinancing strengthens Velto Renewables' financial structure and supports the company's long-term growth strategy in the renewable energy sector. It also highlights the increasing role of sustainable financing solutions in supporting the energy transition.

Kenta Capital noted that the transaction reflects the firm's commitment to advising on strategic transactions that create long-term value for clients while contributing to the development of sustainable energy infrastructure.

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