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Assured Guaranty Wraps First Guaranteed Solar Bond Transaction In Spain

Assured Guaranty plc announced that it has guaranteed principal and interest payments on approximately €207 million of bonds issued on 18th June 2019 by Izcalli Investments, S.A.U., an entity majority owned by the Q-Energy Group, a leading European investor and asset manager in the photovoltaic solar sector. As a result of the guarantee, the bonds are rated AA by S&P Global Ratings. The underlying project is rated BBB.

The 19-year fixed-rate bonds took advantage of low long-term rates and were issued as a private placement to a group of European investors led by the Talanx Group, together with South Korean investors.

The portfolio comprises nine photovoltaic solar plants spread across the provinces of Seville and Huelva, in southwest Spain. All plants benefit from the 2013 Spanish Regulatory Regime, which provides the project with payments from the Spanish Electricity System in order to achieve a predetermined level of return. The contractor responsible for the operations, maintenance and asset management of the project is Qualitas Energy Asset Management, a wholly owned subsidiary of the Qualitas Energy Group.

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