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Green Evaluation: Fortini Investments S.A.'s ‎€130.1 Million Project Bond

On Oct. 10, 2019, Fortini Investments S.A. issued a senior secured bond of ‎€130.1 million with a 2.30% coupon, maturing in 2038. Of this amount, 85% (that is, ‎€111 million) was allocated to the refinancing of eight solar photovoltaic (PV) projects in Spain (Almería, Badajoz, Granada, Jaen, Murcia, Sevilla, Soria, and Valladolid). Through an on-loan agreement, Fortini Investments transferred close to €102 million of the €111 million to six distinct borrowers, owning the 8 solar PV projects, while another subsidiary owns the group's ninth solar PV project, located in Huelva, Spain. Transaction fees and funds allocated to reserve accounts primarily account for the remainder of the €111 million.

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