Total Eren Raised 118 M€ in the Refinancing of Part of its Wind & Hydro Portfolio

Source: www.gulfoilandgas.com 6/8/2022, Location: Europe

Total Eren is pleased to announce the successful refinancing of existing debt and the granting of an additional 118 M€ credit facility from Banco Santander Totta on part of its wind and hydro asset portfolio located in Portugal. The assets, which represent a total capacity of 461.4 MW, are all owned by Generg, the Portuguese entity of Novenergia, a 100% controlled subsidiary of Total Eren.

The refinancing operation was successfully concluded on May 26th, 2022. Banco Santander Totta took over the existing debt issued by the other commercial lenders, while the EIB maintained its participation in the operation. In addition, a new 118.5 million € credit facility was raised, increasing the total outstanding debt to 258.2 million €. In the next weeks, Santander Totta will syndicate part of the loan to a group of Portuguese and Spanish banks.

The refinanced portfolio, composed of a majority of high-quality wind assets (more than 90%) reaches a total installed capacity of 461.4 MW.

Total Eren has been active in the renewable energy market in Portugal since March 2019, through the acquisition of Novenergia Holding Company, a southern European Independent Power Producer (“IPP”). Novenergia is active in 5 countries and relies on a team of more than 100 people mostly based in Portugal, where the company began its activity. Its geographic footprint also includes Bulgaria, France, Italy, Poland, leveraging its know-how and enforcing local partnerships.

In Portugal, through its local affiliate Generg, Novenergia has built-up a substantive portfolio of c. 550 MW of solar, wind, and hydro assets in operation.

Alvaro Brandão Pinto, CEO of Novenergia, said: “Closing the refinancing of the 461.4 MW wind and hydro portfolio controlled by Generg represents a strategic objective aiming at rationalizing and optimizing the financial structure of this entity. It was only possible to achieve this ambitious objective thanks to the shared will between Generg and all the banking entities involved, in addition to the spirit of collaboration and open negotiation between all the parties. In view of the final result obtained, it is fair to recognize now, in a special way, the joint work carried out.”

Laurence Juin, EVP and CFO of Total Eren, stated: “We are delighted to reach the successful refinancing of the majority of our portfolio in Portugal, an exceptional milestone in the current context which would not have been possible without the great professionalism and experience of Novenergia teams combined with the very-high quality of our Portuguese assets. I want to thank Banco Santander Totta and the EIB and look forward to working with them on future financing.”


Netherlands/Holland >>  5/24/2024 - Shell plc (the ‘Company’) announces that on 23 May, 2024 it purchased the following number of Shares for cancellation. ...
Norway >>  5/24/2024 - Equinor ASA (OSE: EQNR, NYSE: EQNR) announced on 7 February 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend pe...

United Kingdom >>  5/24/2024 - Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that its Annual Report and Acc...
United Kingdom >>  5/24/2024 - Greencoat Renewables PLC ("Greencoat Renewables") announces that , it purchased the following number of its Ordinary Shares (the "Ordinary Shares") on...

United Kingdom >>  5/24/2024 - Foresight Group Holdings Limited ("Foresight"), a sustainability-led infrastructure and private equity investment manager, announces that, in accordan...
United Kingdom >>  5/24/2024 - Greencoat UK Wind PLC ("UKW") announces that, in accordance with the terms of its share buyback programme (the "Programme") announced on 26 October 20...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.