The Borrowers, owners of two solar photovoltaic power plants of 50MWp and 17MWp are seeking to refinance its current financing through an IDB Invest Senior and Subordinated A/B Bond. The B-Bond will be sold into the private placement market under section 4 (a) (2) of the 1933 U.S. Securities and Exchange Commission Act.
The proceeds will be used to: i) refinance the existing construction loan, and ii) pay related costs. As part of the financial plan the IDB Invest will provide a Senior A Loan for approximately US$10million, a Subordinate A loan of approximately US$2million. The tenor of the Senior A Loan and B Bond will be 25 years, and up to 15 years for the Subordinated A Loan and B Bond.
El Naranjal and Del Litoral (the “Generators”) are 50MW (AC)/59MW peak (DC) and 16MW (AC)/ 17MW peak (DC) photovoltaic (“PV”) power plants, each one with its associated facilities. Both use Ingeteam inverters and NextTrackr trackers, are located in Salto, Department of Salto, Uruguay, and currently operate under a 30-year Power Purchase Agreement (“PPA”) with the Administración Nacional de Usinas y Trasmisiones Eléctricas (“UTE”), the state-owned utility company of Uruguay.