Pension Insurance coverage Company (PIC) has backed Q-Vitality in Spain with an additional £120m (€132m) of debt funding.
The insurer of outlined profit pension funds stated it supplied the debt funding, as sole investor, for an additional 12 photo voltaic parks.
In February final 12 months, PIC made its first investment within the Spanish photo voltaic vitality sector by investing £190m in photo voltaic bonds by funding 21 photo voltaic parks owned by Q-Vitality. It later made an extra £277m funding in June 2020 to fund 29 photo voltaic parks, additionally owned by Q-Vitality.
The photo voltaic vegetation, which have been in operation for 12 years, profit from the Spanish regulatory framework for the complete time period of the bond, PIC stated, including that the ”framework gives funds from the Spanish electrical energy system, which ensures an agreed degree of return and ensures predictable cashflow”.
Florence Carasse, senior debt origination supervisor at PIC, stated PIC is a dedicated investor in renewable vitality with complete investments of greater than £1bn within the sector, as a socially helpful end result of PIC’s goal.
“This transaction meets our long-term necessities and can assist pay the pensions of our policyholders, while delivering much-needed funding into infrastructure initiatives which are tackling local weather change.”
Manuel Espinosa, a member of Q-Vitality’s funding crew, stated: “We’re happy to have accomplished our third spherical of debt funding with PIC in Spanish photovoltaic vegetation. PIC’s newest funding in photo voltaic vitality demonstrates the power of the sector and their confidence in its long-term outlook.
“PIC has but once more demonstrated flexibility and experience in establishing offers with renewable vitality belongings.”
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