solar financing track record

Solarig Financial Expertise

Conócenos

01 Financial Expertise

• Introduction

• Leasing

• Project Finance

02 Financial Track Records

• Spain

• Italy

• France

03 Solarig Current Involvements

Index

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The experience acquired by the company through the development of over 100 MW have allowed it to reach high levels of competitiveness in the photovoltaic market, thanks to the reduction of the costs and construction time of its projects as well as an excellent relationship with the financial sector.

Solarig has developed a wide range of competencies in the negotiation of financing for energy projects signing 34 contracts with global banking institutions under various structures such as Leasing or Project Finance. Between 2010-2013 the group achieved financing for close to 150 million Euros, proving the credibility and trustworthiness of the company.

01 Financial Expertise

5%

5%

5%

7%

10%

10%

13%

14%

14%

17%

Bankinter

Oseo

BBVA

Otros

Fineco

Bancaja

Credit Agricole

Intesa

Unicredit

UBI

Banking Pool associated with photovoltaic assets owned by Solarig

4

There are two financial structures used by the company for its photovoltaic projects which are Leasing and Project Finance.

The Leasing agreements signed are used for smaller projects, with less than 2MW, which means a maximum amount of 6,000,000€. This financing generally represents 80% of the total project value with an amortization of between 15 and 18 years.

Given that in Leasing operations the guarantees fall on the applicant, the credit institutions evaluate the applicant´s solvency, its capacity to generate the future surplus of additional cash-flows. They analyze the balance sheets and account profits and losses as well as the activity´s progresses ,etc. For this purpose, Solarig offers a guarantee package that backs up the solvency of the company and its projects.

• Debt coverage ratio: >1,30

• IRR: >17%

• Collateral of 25% income from energy sales

• Creation of a reserve account

• Operating Insurance policy with Tokio

Marine

• Technical and legal Due Diligence of project by external consultants (ie: Altermia, Protos, Lovells, Norton Rose, Linklaters, Kilowattsol…)

• Accounts audited by Ernst&Young, both consolidated and aggregate.

• Manufacturer guarantees for components

18 MW financed through Leasing with a total value of 65 milllion Euros

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Project Finance agreements are directed at large projects or project portfolios, grouped into one sole SPV, that generally surpasses 4 MW and an amount of over 10,000,000€ representing 80’% of the total approximated cost for a duration of 18 years.

Under the Project Finance structure, the guarantee for repayment of the financing principle and interest, are the cash-flow generated by the energy project itself, even in unfavourable situations. This financing system is sustained principally by the strength and feasibility of the project to be financed as well as the analyses performed by independent legal, technical and financial consultants.

• Debt coverage ratio: >1,35

• IRR: >15%

• Collateral for payment rights through energy sales

• Operating Insurance policy through Tokio Marine, Chartis or Willis

• Technical and legal Due Diligence for project by external consultants (ie: Altermia, Protos, Lovells, Norton Rose, Linklaters, Kilowattsol…)

• Accounts audited by Ernst&Young, consolidated as well as aggregate.

• Manufacturer guarantees for components

• Monthly production reports

• 20 year O&M Contract

30 MW financed with Project Finance with a total value of 82 milllion Euros

6

The group, due its large project portfolio, has dealt with several well-known legal advisors, in charge of preparing Project Finance Contracts and conducting legal Due Diligence.

Solarig’s qualified members of the financing team (currently counting more than 8 financial experts) have assisted legal advisors, with due accuracy and reactivity in answering a variety of questions regarding PLAs, contractual, financial and physical issues.

As a result of this expertise and know-how, the group has been able to reduce financing lead times to an average of less than three months from the delivery of the project data-room to the bank to the disbursement date.

A selection of our legal partners

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02 Financial Track Records Spain

Energías Alternativas Solarig La Puente de Piedra PV Project

€ 17,13 million Loan

Energías Alternativas Solarig Tozalmoro PV Project

€ 2,46 million Leasing

Energías Alternativas Solarig Hondo del Guijarral PV Project

€ 3,43 million Leasing & Loan

Energías Alternativas Solarig Hoz de Podar PV Project


Energías Alternativas Solarig Pajarejos PV Project

€ 5,49 million Leasing & Loan

Energías Alternativas Solarig Alfaro PV Project € 0,963 million

Loan

Energías Alternativas Solarig Arroyomolinos PV Project


Energías Alternativas Solarig La Serretilla PV Project


Renovables del Norte Cillamayor PV Project


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02 Financial Track Records Spain

Energías Alternativas Solarig Matapozuelos PV Project


Energías Alternativas Solarig Mejorada PV Project


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02 Financial Track Records Italy

Solare Alfa Srl Torchiarolo PV Project

€ 2,38 million Leaseback

Solarig Alfa Srl Botontano PV Project

€ 7,49 million Leaseback

Il Giglio Srl Benevagienna PV Project

€ 13,40million Project Finance

Solarig Italia Investment Srl Fazioli & Castellaneta PV Project


Solarfields Quatro Srl Falaschetti PV Project

€ 8,67 million Project Finance

Energia Svilupo Centro Srl Trona, Della Botte & Massoli Terni

PV Projects € 20, 56 million Project Finance

Solare Beta Srl Oria PV Project € 3,00 million

Leaseback

SCF1 Campomarino PV Project


SF Adriática, Srl Santa Marie y Ortucchio PV Project


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02 Financial Track Records Italy

Belvedere, Srl Torchiarolo PV Project


Solarig Sirio, Srl Montesecco PV Project


Solarig Delta, Srl Pozzorotondo PV Project


S.P.E.S., Srl Pozzili PV Project € 9 ,00 million

Project Finance

Solare Cresta Santa Chiara, Srl Cresta & Santa Chiara PV Project


Solarig Generation, Srl Colfelice PV Project

€ 2,77million Project Finance

Solarig Beta, Srl Caraglio PV Project


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02 Financial Track Records France

Bonnat Energies S.A.R.L Bonnat PV Project € 10,00 million Project Finance

Alpes Energies S.A.R.L La Marmote PV Project


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03 Solarig Current Involvements

1. Ecuador Solarig has two projects iin Manabi region, located in the center-west of continental Ecuador with a radiation rate of 1,737 kWh/m2/yearn. The installations are one of 34MWp and the other one of 13MWp. The construction has just begun and the connection is planned for the next month of November. The investment in this project is 76 million Euros.

2. Malta Solarig, is developing 48 rooftop PV installations in 67,000 sq meters in Maltese public buildings, after signing a Concession Agreement with the Maltese Government. The installations totalize a capacity of approximately 4.5MW and are located in several State owned buildings, such as Ministries, hospitals, reservoirs or schools. The investment in this project is 9 million Euros.

3. Japan Solarig is working in the country with the ambitious goal of carrying out the construction of 200MW over the next year and a half with an investment of 600 million Euros.

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www.solarig.com

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solar financing track record

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