en.Wedoany.com Reported - Spanish renewable energy company Renovalia Energy Group completed a €207 million refinancing on July 29, covering a portfolio of operational solar photovoltaic plants totaling 53.19 MW in Spain, with the transaction fully subscribed by Caixabank.

Renovalia stated that this refinancing optimizes financing terms and reflects the financial sector's support for the company. In a statement, the company said financial conditions have improved, including a reduction in interest rates compared to previous levels. This financing is part of Renovalia's strategy to capitalize on opportunities in the financial industry, safeguard risk management, and achieve capital return targets.

The proceeds from the refinancing will be used to advance the development plan for battery energy storage systems to stabilize revenue from its solar photovoltaic plants.

The financing, provided by Caixabank, SA, meets green financing certification standards and adopts a long-term project finance structure. Renovalia was advised by Pinsent Masons, while Caixabank was advised by Garrigues.

Renovalia is currently developing a portfolio of solar photovoltaic projects totaling over 1.5 GW in Spain, operating under a merchant sales model.