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Spanish merchant financing: Unitranche debt to the rescue?

Multiple GWs of Spanish renewables projects are forecast to reach the ready-to build stage over the next 12-18 months, and many developments from this pipeline will doubtless look to lock in some kind of mid to long-term PPA agreement for some or all of their generation, therefore providing revenue certainty against which traditional lenders can structure debt offerings. 

However, sponsors behind as much as half of this potential new capacity are believed to hold aspirations of keeping their projects largely or entirely merchant, at least for the initial years of operation, either selling output directly to the market or under short-term hedging contracts, according to multiple industry players contacted by Energy Rev

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