LDD on a 363.5 MW solar PV portfolio
Published February 2025
Everoze advises lenders group on a €166 million debt financing of a 363.5 MW solar PV portfolio in Spain owned by BNZ
We were happy to advise a group of lenders on the debt financing of the Spanish projects of a portfolio owned by BNZ composed of 17 projects located in Spain, Italy and Portugal. The Spanish portfolio consists of 9 PV plants located across Spain with a total installed capacity of 363.5 MWp. Some of the plants had reached mechanical completion/been energised while others were at late construction stage at the time of financial close. The lending group included EIB (The European Investment Bank).
Everoze had supported BNZ with the acquisition of the 9 Spanish projects back in 2021 when they were at development stage.
Arnau Girona, Solar Engineer at BNZ commented: “The work of Everoze throughout the investment and financing stages was of invaluable support in reaching financial close on this Project. We really valued highly their accurate approach to the due diligence, and their understanding of the commercial needs of the portfolio at different stages of the acquisition and financing process.”
Everoze employed its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, smooth communication and continuous identification of open risk items.
The work built upon asset specific pre-construction technical due diligence assessments previously performed by Everoze for the 9 Spanish assets. Our review focused on the debt risks for the lenders associated with the projects. The following technical areas were covered:
- EPC engineering review;
- Technology review;
- Construction progress;
- EPC/O&M contracts; and
- Financial model review.
Everoze’s work was led by Marina Presas supported by a broader project team including Ana Bamonde, Dario Brivio, Christophe Campistron, Thiebault Mura, Julia García, Madeleine Hill, Adam Sharpe and Stefan Mau.
For more details, BNZ’ press release is available here.
