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Green Giraffe supported Northland Power (Northland) with the non-recourse debt refinancing and restructuring of its portfolio of assets in Spain by seconding members of its Spain team to Northland
The portfolio, acquired in 2021, includes 33 operating assets regulated under the RD 413/2014. The portfolio comprises onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW) located throughout Spain.
Northland Power successfully arranged a EUR 690 M senior debt package, which closed on November 3rd, 2022.
The new senior financing, provided by Caixa Bank, replaced the existing senior debt structured at the separate SPVs level with a single holding level financing. The transaction benefits from the technological diversification of the portfolio and allowed an adjustment of the debt repayment profile in line with the impacts from the current high pool prices on regulated assets in Spain to improve cash distributions from the portfolio.
Green Giraffe supported the Northland Power team with debt restructuring considerations, financial modelling, due diligence management as well as commercial support with the negotiation of the financial documentation up to financial close.
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, efficient natural gas energy, as well as supplying energy through a regulated utility.
Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in 3.0GW (net 2.6GW) of operating capacity. The company also has a significant inventory of projects in construction and in various stages of development encompassing over 14GW of potential capacity. Publicly traded since 1997, Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.