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Following the acquisition of the c. 100MW portfolio in December 2021, Rainergy has completed the refinancing of its outstanding debt through the issuance of an innovative five-year financing package.

Rainergy’s portfolio benefits from a strong geographic diversification, a long operating track record and a mix of regulated, merchant and contracted revenues under a five-year PPA signed with AXPO in January 2023. This, combined with the portfolio’s great potential for solar PV and wind hybridization, strongly mitigates the business’s volatility while providing extremely attractive risk-adjusted returns, which in turn led to considerable demand from financing institutions.

The €45 million refinancing was signed on 30 March 2023 with two Spanish banks, Banca March (also agent) and Bankinter, as well as a group of funds managed by Edmund de Rothschild (EDRAM).

Furthermore, the decision to enter into an attractive and innovative PPA, combined with facility’s shorter tenor and low leverage, allowed the company to put in place a highly attractive debt package without capping the upside or the flexibility to continue with its hybridisation strategy.

Gauri Kasbekar-Shah, Managing Director of EDRAM’s infrastructure Debt Platform explained: “We are very pleased to be partnering with Rainergy and its investors on this growth platform providing the flexibility they need to optimise and consolidate the portfolio”.
Charis Tsarpalis (Associate Director) added: “This investment combining hydro and wind assets in a hybrid financing is an important investment for our portfolio and demonstrates our continued commitment to the energy transition”.
Ignacio Soneira, Managing Director of Axpo Iberia commented: “Axpo´s extensive experience in PPAs allows to enter into competitive financing terms and contribute to the viability of renewable projects with intelligent solutions in volatile environments, which optimize the value of the installations and add stability to a very complex market”.
Rainergy was supported in the transaction by Ahorro Corporación Financiera acting as leading financial advisor and by Uría y Menendez for the legal aspects.

About Rainergy

Rainergy is an operating generation portfolio comprised of 25 mini-hydro plants and one wind farm with a total installed capacity of c.100MW and an annual generation of c. 286GWh. The plants are spread across the main river basins of different regions of Spain and Portugal and benefit from a mix of contracted (Regulated / PPA) and merchant revenues. The company fosters the production of renewable energy recognizing the importance of hydro and wind as key technologies to provide stability to the energy market and ensure a clean energy transition.

About Axpo

Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions. Axpo is Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. Axpo combines the experience and expertise of more than 6,000 employees who are driven by a passion for innovation, collaboration and impactful change. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia.