Pioneer Point Partner’s portfolio company, Altano Energy is pleased to announce it has reached financial close for a long-term non-recourse financing for c. €90 million with Santander Corporate & Investment Banking (“Santander CIB”). The financing is for a 107MW diversified renewables portfolio in Spain. The projects include operational mini-hydro assets and a ready-to-build solar PV plant. These assets will generate enough clean energy to power more than 80,000 homes, equivalent to CO2 savings of more than 70,000 tons each year.
This financing, which is unique in the market, represents a highly innovative and sophisticated structure and benefits from the complementary production profile of both different technologies and locations. Altano previously closed a long-term hybrid power purchase agreement (“PPA”) with Engie España.
Altano has been supported by advisors including, Astris as financial adviser, Herbert Smith Freehills as legal adviser, KPMG as tax adviser, and Watson Farley Williams as legal adviser in the PPA.
Miguel Sanchez Praena, CEO of Altano, said: “We are very grateful to Banco Santander for supporting us in this relevant transaction that demonstrates the quality of our portfolio and reinforces our long-term relationship. The bank’s deep knowledge of the industry has been key in the understanding and design of this innovative and sophisticated structure that benefits from the technological and geographic diversification of our assets.”
Benoît Felix, Head of Structured Debt at Santander CIB, said: “As a leader in renewable energy finance, we’re delighted to support Altano, a company that is making a great contribution to the energy transition. We’re proud to be part of what is one of the first hybridisation initiatives that Santander is financing in Spain and to continue our commitment to facilitate €220 billion in green finance between 2019 and 2030.”