Pacifico Renewables agrees EUR 35m debut inexperienced mortgage

March 1 (Renewables Now) – German renewable vitality producer Pacifico Renewables Yield AG (ETR:PRY) has signed a EUR-35-million (USD 39.19m) debut inexperienced mortgage personal placement with UBS Asset Administration and can use the proceeds to repay debt, strengthen its capital construction and finance the growth of its portfolio.

The inexperienced mortgage has a set rate of interest of 4.85% and is due in 5 years, Pacifico mentioned on Monday.

About EUR 16.5 million of the proceeds shall be spent to refinance the group’s revolving credit score facility whereas an extra EUR 9.3 million shall be used to refinance an current subordinated debt facility with the next rate of interest.

The remaining EUR 9.2 million shall be invested within the group’s current portfolio and the acquisition of recent tasks.

“After initially funding progress primarily by elevating fairness, we take into account this personal placement as a landmark transaction for our firm, and it demonstrates our capability to fund progress effectively utilizing completely different sources of capital,” mentioned co-CEO Martin Siddiqui.

The debt facility is the primary transaction of the group’s newly established Inexperienced Finance Framework which incorporates bonds, personal placements and loans. The framework outlines the standards for the analysis and collection of tasks by which Pacifico will make investments.

(EUR 1 = USD 1.120)

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