Renovalia boosts its photovoltaic commitment at the height of the pandemic with the banking support.
In 2020 two refinancings have been concluded as part of Renovalia’s strategy to use all available tools in order to improve the profitability offered to the investors and adapting them to their risk profile.
The first, in February, has been subscribed by BNP Paribas, Sabadell, Caixa, Santander and Bankia amounting €210M, for a PV portfolio in Spain of 60,75MW. Likewise, Renovalia reaches access to funds, unavailable so far, as the reserve account to service debt will be provided as well by financing banks by a revolving credit facility, releasing by doing so the current reserve account provisioned in cash.
And the second one, in October,amounting €208M for an operating Pv park in Spain of 52,36 MW, subscribed by Banco Santander, Bankia, CaixaBank and Liberbank.These financings have allowed to improve financing conditions by extending the repayment period and the adjustment of the finantial costs. Additionally some restrictions to the funds distribution among shareholders have been removed, and so maximizing the flow of distributions and profitability for them.