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.