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Fund manager brings regulated Spanish PV portfolio to market
A Madrid-based fund manager has initiated the sale of a circa 40MWp portfolio of regulated regime Spanish solar PV assets, it is understood.
Kobus Partners completed the EUR 207m refinancing of the 22-plant, 37.7MWp packet of assets in early 2021 with a mix of hybrid bonds and project finance debt, and the group is now looking to dispose of the portfolio.
The fund manager is understood to have begun circulating teaser information for Project Titan to potentially interested parties this week, and is projected to launch an initial round of bidding later in September.
The assets are believed to have come online over the course of 2007-2010, and will receive a regulated return for the first 30 years of operation.
Given that the portfolio’s debt structure has only recently been optimised the transaction is expected to be most of interest to low-risk, low-return institutional investors.
The refinancing at the start of 2021 saw Kobus raise EUR 100m in debt via an 18-year fixed rate bond issuance and a further EUR 17m via a floating bond, both taken up by Macquarie Infrastructure Debt Investment-managed funds, and a further circa EUR 90m in 11-year project finance provided by Bankinter and Santander.
Kobus Partners is being advised on the portfolio sale by financial advisory boutique Acron Beka.