Join        Login             Stock Quote

AES Solar Closes on ?68 Million Project Financing for 18 MW Photovoltaic Portfolio in Italy

Wednesday, July 27, 2011 8:37 AM

Jul. 27, 2011 (Business Wire) -- AES Solar, a joint venture between the AES Corporation (NYSE: AES) and Riverstone Holdings LLC, announced today that one of its subsidiaries closed earlier this month on long-term non-recourse financing facilities of €68 million, named "Azimuth", to finance the construction of a portfolio of solar photovoltaic (PV) projects totaling 18 MW, located in the Lazio, Puglia and Sicily regions of Italy.

Four mandated lead arrangers ("MLAs") participated in this financing: Dexia Crediop (Facility Agent) and Société Générale, as Coordinating Banks, together with DnB NOR and ING. The facilities cover up to 81 percent of estimated project costs with a final maturity date of 18 years post construction. The financial model base case prepared for this financing was set targeting a minimum and average debt service coverage ratio ("DSCR") of 1.30x.

The four plants financed by these facilities either have or are expected to reach commercial operation between now and the end of Q3 2011, which will qualify them for a 20-year regulated feed-in tariff under the "Conto Energia" renewable energy tariff structure.

AES Solar currently has a global operating portfolio of 127 MW in Italy, Spain, Greece, Bulgaria and France, and with the addition of its assets under construction, has a total portfolio of 159 MW of projects.

About AES Solar

AES Solar is a joint venture between The AES Corporation and Riverstone Holdings LLC formed to develop, own and operate utility-scale solar power plants. AES Solar currently has 127 MW in operations in Spain, Greece, France and Bulgaria with substantial development activity in other countries. For more information, visit www.aes-solar.com.

About Riverstone Holdings LLC

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $16.0 billion to 79 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.

About The AES Corporation

The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through its diverse portfolio of thermal and renewable fuel sources, AES safely provides affordable and sustainable energy in 28 countries. AES' workforce of 29,000 people is committed to operational excellence and meeting the world's changing power needs. AES' 2010 revenues were $17 billion, and it owns and manages $40 billion in total assets. To learn more, please visit www.aes.com.


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.