Deals

MIDIS global debt fund nearly deployed after Spanish solar refi

The vehicle - which has invested in Europe, the US and Australia - has garnered over €400m to date but is still open to further fundraising.

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A 30.3MW Spanish solar portfolio has secured a €140 million refinancing from a consortium led by Macquarie Infrastructure Debt Investment Solutions.

The Macquarie debt unit was the largest investor among a group also comprising Barings, Schroders, Westbourne Capital and Edmond de Rothschild. Macquarie declined to disclose the size of its share in the refinancing. The portfolio is owned by JPMorgan’s Sonnedix platform.

MIDIS added that an undisclosed portion of the Macquarie financing came from its Macquarie Global Infrastructure Debt Fund. The vehicle reached a third close in April, bringing commitments to €409 million. It is now more than 90 percent invested, having also backed transport projects, utilities and other renewable energy sites in the UK, Continental Europe, the US and Australia.

The fund is supported by three investors, including Italy’s Intesa Sanpaolo Vita and the Dutch pension fund Stichting Pensioenfonds Medisch Specialisten, according to Companies House filings. The fund remains open until the end of the year, although Macquarie declined to comment on the prospect of a follow-on vehicle.

The latest investment, consisting of fixed-rate, senior secured bonds on a 19-year amortising basis, represents MIDIS’s first commitment to the Spanish solar sector, with the group explaining that it had been waiting “for the right opportunity” to enter the renewables sector.

“In recent years there has been some uncertainty in the market, but with reformed regulatory support bringing it on a stable footing going forward, we see opportunities for further investments in this jurisdiction,” said Tom van Rijsewijk, a division director for MIDIS, in a statement.

Van Rijsewijk also explained that MIDIS is far more comfortable with the sector given regulatory developments in recent years.

“For us, it was helpful to see that the developments in 2013 brought the Spanish electricity deficit on a sustainable path,” he told Infrastructure Investor. “Also, the reduction in costs of renewable energy means that, going forward, Spain (like other countries) can achieve its goals for the roll-out of renewables with limited additional burden for the consumers.”