Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has achieved financial close on the refinancing of the 50 MW Arenales concentrated solar power (CSP) project in Morón de la Frontera, Seville, southern Spain.

The refinancing was completed with a green loan and follows the company’s acquisition of Arenales in February 2020. The green loan complies with the Green Loan Principles and is the second of this type in Cubico’s portfolio, following the refinancing of a 99 MW wind portfolio in Italy last year.

The project, which became operational in 2013, uses parabolic trough thermosolar technology with seven hours of molten salt storage.

The total amount of non-recourse long-term project finance debt raised was EUR 247 million. The bank club is comprised of the following Mandated Lead Arrangers (MLAs): Société Générale, Crédit Agricole, CaixaBank, Export Development Canada and BNP Paribas.

Cubico was advised by Herbert Smith Freehills (legal) and Chatham Financial (hedging).

The MLAs were advised by Clifford Chance (legal), OCA Global (technical), Willis Towers Watson (insurance) and EY (tax and model audit).

David Swindin, Head of EMEA at Cubico, said: “We are very pleased with the level of support shown by our partner banks during these difficult times. The financing was closed on schedule and with excellent terms from our lenders, reflecting the standing of Cubico in the market. We are seeing a number of interesting opportunities in Europe and look forward to working with them again in the near future.”

José Canales, Head of Iberia at Cubico, added: “The refinancing of Arenales with Cubico’s first green loan in the region demonstrates our strong commitment to sustainability against a competitive and challenging backdrop. The successful closing of this refinancing shows once again the creative strength and dedication of our Iberia team.”