Q ENERGY has achieved debt financial close on Taurus B, a portfolio of seven solar photovoltaics (PV) plants in Spain with a total capacity of 251.71 MWp. Mitsubishi UFJ Financial Group and BNP Paribas were lead arrangers on the financing.
All projects are under construction and in the process of hybridisation with battery storage. Q ENERGY is the sole owner, EPC contractor, and O&M contractor to all projects. Taurus B also marks Q ENERGY's first IPP portfolio on the Iberian Peninsula. Once operational, the green energy power plants are expected to generate enough electricity to supply 131 000 Spanish households, with expected CO2 emission abatement of over 93 000 tpy.
The projects have been structured as a portfolio with a strong focus on risk mitigation. The non-recourse debt is raised at holding company level with cross-collateralisation across projects, optimising financing terms under a hard maxi-perm structure. Commercially, revenues are anchored by 10-year fixed-profile PPAs that protect against the zero/negative-priced hours and technical curtailment currently observed in Spain. Even if curtailed voluntarily or by the grid during such hours, the projects will continue to receive the fixed PPA price. This brings significant long-term market risk mitigation to the portfolio. The portfolio structure creates a pseudo cross-settlement effect across the otherwise independent PPAs, thereby reducing overall revenue risk. Geographically, the projects are sited in three provinces across the north and southwest of Spain, bringing natural diversification of weather, yield, and grid conditions.
“The successful financing once again underlines the robust planning of our projects, which not only rely on PV, but also offer further attractive revenue opportunities in combination with BESS. We are grateful for the trust and commitment of our financing partners in our projects, and we are excited to launch Q ENERGY’s first IPP portfolio in Iberia,” said Terry Lee, Chief Investment Officer of Q ENERGY.
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