Aries Solar Termoeléctrica (ASTE)

ASTE: Refinancing of Aries Solar Termoelectrica

Refinancing undertaken at Aries Solar Termoeléctrica which increased the value of the project for the shareholders.

On June 24, 2021, a seven-month process concluded in which the refinancing of Aries Solar Termoeléctrica was signed, which has been carried out through hybrid financing with a combination of a bank pool tranche and an institutional investor tranche.

The operation resulted in considerable savings in the cost of debt. On the other hand, letter of credit guarantee the debt service and the Cash-Sweep have been eliminated.

Additionally, distributions were made to the shareholders of the project. In addition, S&P carried out a Green Evaluation of the financing, obtaining an E1 rating, the highest level on the credit agency’s scale, thus reinforcing the commitment of Celeo Group with ESG criteria.