Monday 7th April 2008
The Energy & Environmental Finance team at Bank of Scotland Corporate has provided a €26.5 million financing package for the €152.8m financing of two solar farms in Spain, owned by Spanish solar energy group Fotowatio SA.
The debt finance package is being used to fund the construction of the two solar parks – Trujillo and San Servan - with a total output of 20MW (10MW each). Both projects are scheduled to be fully operative by August 2008.
Fotowatio was formed in 2005 is now one of the biggest solar energy producers in Spain. The company currently manages 20MW and has another 30MW under construction.
The transaction was arranged on behalf of Bank of Scotland Corporate by Federico Florian, Director in the Bank's Energy & Environmental Finance team with support from Pedro Sanchez-Migallon.
Commenting on the transaction, Tristán Higuero, Director of Business Development of Fotowatio, said:
"This transaction represents our strong commitment with renewable energy and also consolidates our business plan and our position as one of the leading company´s in the PV sector worldwide. I would like to acknowledge the strong support received from the group of banks involved in the transaction, in which Bank of Scotland has played an important role".
Commenting upon the deal, Ed Wilson Head of Energy & Environmental Finance at Bank of Scotland Corporate said:
"This is a great opportunity for Bank of Scotland to play a senior role in an important solar financing deal for two well known sponsors who are set to become a major solar developer in Southern Europe. We have built up an excellent track record within Europe's renewables industry and this deal will help to consolidate our position as one of Europe's leading lenders."
Notes to Editors:
Bank of Scotland Corporate,part of the HBOS Group, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
