In June 2020, Arclight Solar Issuer S.A. (Arclight) issued a senior secured green bond for €43.07 million with a coupon of 2.435%, maturing in December 2038. It is expected that the entirety of this issuance will be used to refinance eight operational solar photovoltaic (PV) utility-scale projects in Spain (Córdoba, Cádiz, Huelva, and Guadalajara). The portfolio has an aggregate nominal capacity of 10 megawatts (MW) and will benefit from the Spanish regulatory framework for renewable projects for an additional 18 years. Through a series of on-loan agreements, Arclight will transfer the net proceeds of the issuance to two holding companies and various special purpose vehicles (SPVs), who collectively have 100% ownership of the eight solar PV projects. Arclight is owned by a consortium of private and pension investors. In our opinion, this transaction is aligned with the Green Bond Principles 2018 (GBP).