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Macquarie closes €90 million debt investment in Spanish CSP portfolio

6/14/2021

Press Release - Macquarie

Macquarie Asset Management has today announced a €90 million debt investment in a portfolio of concentrated solar power (CSP) plants in southern Spain.

The 120 MW capacity portfolio is comprised of the 20 MW Gemasolar tower plant, the world’s first solar plant to achieve 24-hour operations, and two 50 MW parabolic trough solar parks, Valle 1 and Valle 2. The portfolio, located in Andalusia, produces enough green energy to power the equivalent of more than 84,000 Spanish households and avoids 126,000 tonnes of carbon emissions every year.

The portfolio has successfully been in operation since 2011 and its owner Q-Energy, a leading European renewable energy asset manager, has an established track record in operating solar PV farms, CSP plants and wind parks in Spain, Germany and other OECD countries. Macquarie Asset Management’s investment was made on behalf of its institutional clients via a bespoke, long-dated, subordinated debt financing.

Tom van Rijsewijk, Managing Director in Macquarie Asset Management’s Private Credit team, said; “Spain has set an ambitious target of increasing its renewable energy capacity to 60 GW by 2030, including 5 GW of new CSP capacity. We are delighted to once again partner with Q-Energy to support Spain’s energy transition, providing flexibility and clean electricity to the grid through this innovative CSP technology.”

Daniel Parejo, Partner and Chief Investment Officer, Q-Energy, said; “We are pleased to deepen our partnership with Macquarie through our fourth successful financing together in recent years. Our strong commitment to the energy transition and supporting a sustainable future requires that we have partners with deep sector expertise like Macquarie. Q-Energy has become one of the most active renewable energy project bond issuers in Europe, having placed more than €2 billion with tier-one institutional investors including Macquarie.”

The extended operation of the portfolio’s CSP plants is made possible by their molten salt storage capacity, where renewable energy is supplied to the grid based on demand, regardless of whether there is constant solar radiation. The Valle plants operate at temperatures of up to 400°C, while the Gemasolar installation can reach operating temperatures of more than 550°C.

Since 2012, Macquarie Asset Management’s Private Credit team has invested approximately €2.6 billion across more than 35 renewable energy projects, with a total installed capacity of approximately 13.7 GW.