Spain's Solaria inks USD-29m debt refinancing for solar farms in Uruguay

Spanish developer Solaria Energia y Medio Ambiente SA (BME:SLR) has closed a debt refinancing agreement with US insurer Metlife Inc (NYSE:MET) and the Inter-American Investment Corporation (IDB Invest) to reduce the cost of financing of two photovoltaic (PV) plants in Uruguay.

The solar company said that it has secured around USD 29 million (EUR 24.4m) for 20 years, subject to conditions precedent to disbursement. Project debt has been rated BBB and labelled green by Standard and Poor’s.

The agreement concerns the 11.6-MW Yarnel and the 11.1-MWp Natelu solar farms. Both plants were commissioned in 2017.

(USD 1.0 = EUR 0.842)

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