Q-Energy and FSL Solar’s €304 Million Bond Offer


Watson Farley & Williams advised Q-Energy and FSL Solar on the transaction.

Q-Energy and FSL Solar made a €304m bond issue for the refinancing of a Spanish photovoltaic portfolio comprising eight plants with a total installed capacity of 74.7 MW, with Banco Santander and Banco de Sabadell acting as mandated lead arrangers (“MLAs”). The transaction, which closed on 4 June 2020, was guaranteed by Assured Guaranty (Europe) PLC.

The bonds are subject to English law and were subscribed to by institutional investors managed by Pension Insurance Corporation PLC through a private placement. They will be traded on the Quotation Board of the Frankfurt Stock Exchange.

With €3bn+ debt and equity investments in the solar sector, Q-Energy has developed 2 GW+ solar PV and CSP assets worldwide.

FSL Solar, formerly FRV (Fotowatio Renewable Ventures), is a renewables-dedicated investment vehicle managed by Q-Energy. It is one of the largest investors in PV plants in Spain, managing €800m+ assets in that country, as well as €1.5bn in renewable energy worldwide.

The WFW Madrid Capital Markets team advising Q-Energy and FSL was led by Partner Rodrigo Berasategui (Picture), supported by Senior Associates Álvaro Barro and Antonio Cáneva.

Involved fees earner: Álvaro Barro – Watson Farley & Williams; Rodrigo Berasategui – Watson Farley & Williams; Antonio Cáneva – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: FSL Solar; Q-Energy;