January 5 - (Project Finance International) Acciona Energia (ANA.MC) has reached financial close on its financing for its 150MW solar thermal power project with 29 banks, one of the largest single solar financings yet transacted. Financing consists of 542 million euros in senior debt and a 59 million euro VAT facility. Total equity and sub debt are 292 million euros. Lending banks in the deal are HSBC, BBVA, Banesto, Banco Sabadell, Calyon, Dexia, Popular, Santander and WestLB.
The loan is a seven-year soft mini-perm, with 19.5 year underlying, and maturity in June 2029. Construction margins are 300bp, increasing to 325bp from close of construction to year three; to 350bp between years three and seven; and to 400bp from year seven until maturity. The average debt service cover ratio is 1.3x. The three technologically identical solar thermal assets, the 50MW plant at Majadas and the two 50MW plants at Palma del Rio, qualify for the old feed-in tariff rate and were partly financed by the bridge loan extended earlier this year to get construction started.