Q ENERGY has secured debt financing for “Taurus B,” a portfolio of seven solar photovoltaic projects, located across three provinces in northern and southwestern Spain with a cumulative capacity of 251.71 MW. The financing was arranged by Mitsubishi UFJ Financial Group and BNP Paribas. For the transaction, Uría Menéndez acted as legal advisor and KPMG as financial advisor to Q ENERGY, while A&O Shearman and G-Advisory served as legal and technical advisors respectively to MUFG and BNP Paribas.
The company will act as the sole owner, as well as the engineering, procurement and construction (EPC) and operations and maintenance (O&M) contractor for the projects. All projects are under construction and are being developed with integrated battery storage systems. Additionally, the Taurus B portfolio represents Q ENERGY’s first independent power producer projects in the Iberian market. Once operational, the plants are expected to reduce carbon emissions by more than 93,000 tonnes annually.
The projects have been structured as a single portfolio to strengthen risk management, with non-recourse debt raised at the holding company level and cross-collateralisation across all projects, with the financial terms under a hard maxi-perm structure. Revenues from the projects are supported through 10-year fixed power purchase agreements (PPAs), which provide protection against zero or negative-priced hours and curtailment risks. Even during voluntary or grid-imposed curtailments, prices under the PPAs will remain fixed.
