Assured Guaranty completes third Spanish renewables deal in 12 months

05-06-2020

Assured Guaranty (Europe) has guaranteed principal and interest payments on approximately €304 million of bonds issued on June 4, 2020, by FSL Issuer. 

The portfolio comprises eight photovoltaic solar plants spread across a number of provinces in Spain. 

The transaction is guaranteed by Assured Guaranty’s European insurance company, Assured Guaranty (Europe), which allowed S&P to rate the bonds Double A, with the underlying project rated as Triple B. 

The 21-year fixed-rate bonds were privately placed in the UK, and an application has been made to list the bonds on the Frankfurt Stock Exchange. 

The deal is Assured Guaranty’s third in the renewables industry in Spain in the last twelve months.

FSL Issuer is owned by a group of shareholders led by Qualitas Venture Capital. 

Dominic Nathan, managing director of infrastructure finance at Assured Guaranty, said: “We are particularly pleased with the execution of this transaction in the current environment because it exemplifies Assured Guaranty’s ability to continue adding value for sponsors and investors despite the prevailing market conditions.”

 

Assured Guaranty, FSL Issuer, Qualitas Venture Capital, Spain

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