Albioma Solar Participações S/A has completed the issuance of debentures totaling R$ 118 million, aimed at financing its portfolio of distributed mini-generation plants in Brazil.
The bonds were fully subscribed by Vinci Compass funds and issued in two series: one incentivized, amounting to R$ 110 million, and another non-incentivized, amounting to R$ 8 million.
Both series have a term of 17 years and an initial grace period of 12 months. The agreed remuneration was IPCA + 8,9% per year for the incentivized series and IPCA + 10,2% per year for the non-incentivized series.
The funds raised will be used to finance approximately 81 MWp of solar power plants distributed across five Brazilian states, serving six distributors. According to the company, the portfolio consists of 31 plants in operation or in the final stages of implementation.
The issuance was structured with the support of Watt CapitalIn the non-recourse project finance model, this means that debt repayment will be made exclusively with cash flows from the projects.
“The 17-year term, rates, and rating of the issuance demonstrate the quality of the assets, Albioma's technical capacity, and the credit quality of its clients (offtakers),” he explains. Eduardo Tobias, managing partner of Watt Capital.
The coordination of the issuance was handled by Ativa Investimentos. The structure also involved the legal advisory services of the law firms Tauil & Chequer Advogados and Dias Carneiro Advogados, while the technical due diligence was conducted by Grupo Energia.
Oliveira Trust was chosen as the trustee and registrar, and Santander acted as the depositary bank. Fitch Ratings assigned the transaction a rating of AA(bra).
According to Christiano Forman, CEO of Albioma, the operation marks the completion of the financing strategy for the group's current photovoltaic assets in the country. "We remain hungry for new projects in Brazil, and we continue to carefully study opportunities for new projects and acquisitions," the executive stated.
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