S&P Global has issued a long-term rating of ‘BBB’, with ‘stable’ outlook, on three bonds issued by limited-purpose entity, Vela Energy Finance S.A, for solar power development in Spain. The proceeds of the bonds – €404.4 million in total, with a maturity in 2036 – will be used to refinance 42 photovoltaic (PV) parks in Spain.
The rating reflects Vela’s limited exposure to market and financial risk, as well as the solid energy regulatory framework in Spain and the proven track record of the reliable technology in use. The stable outlook reflects the expectation of high availability of solar power, the effective management of the project by an experienced operator, and limited maintenance risk.
As a result of Moorgate’s media campaign, coverage of the rating was gained across the infrastructure and renewable energy press, including Inspiratia, InfraNews, PFI and Environmental Finance (please note: these articles lie behind paywalls).