Grünwald, May 13, 2020 – Today, Pacifico Renewables Yield AG (ISIN: DE000A2YN371) signed an agreement for a €8.35 million committed revolving credit facility at a maximum interest rate of 3.85% p.a. with Triodos Bank N.V., Europe’s leading sustainability bank.
The new credit line will allow Pacifico Renewables Yield AG to flexibly draw and repay funds at attractive conditions when needed for acquisitions that are in line with its investment criteria. The maximum draw-down tenor amounts to 18 months at a maximum interest rate of 3.85% p.a. The credit line builds on a core collateral package of existing assets, and includes appropriate limitations in line with the company’s planning, e.g. with respect to distributions, as well as a market standard commitment fee for undrawn funds.
With this committed revolving credit facility Pacifico Renewables Yield AG pursues its approach on stringent financial discipline. “Operating with minimal dry powder and immediately investing raised capital is an important priority for us from a return perspective,” emphasized management board member Dr. Martin Siddiqui.
Initially, €8.35 million will be available under this revolving credit facility. As part of an annual borrowing base review the facility may be upsized by adding collateral. The company currently intends to maintain the line for at least three years.
“Together with a partner that shares our focus on sustainability, we were able to develop a tailored structure that not only gives us flexible access to capital but also can grow together with us over time,” said management board member Christoph Strasser.
Dominic Hereth, Head of Energy & Infrastructure at Triodos Bank N.V. Deutschland added: “This credit facility underlines the ambition of Triodos Bank to foster the energy transition by structuring individual debt structures that fit the needs of our clients. Pacifico Renewables Yield AG is a young and very professional company in an exciting growth phase which shares the values and beliefs of Triodos Bank.”
The law firm Greenberg Traurig advised Pacifico Renewables Yield AG on the financing with a team led by the financing partner Dr. Kati Beckmann LL.M. oec.
About Pacifico Renewables Yield AG
Pacifico Renewables Yield AG is an Independent Power Producer listed on the open market (Freiverkehr) of the Dusseldorf Stock Exchange (ISIN: DE000A2YN371). The company pursues the goal of building a portfolio of plants that generate electricity from renewable energy sources. With onshore wind and photovoltaic plants across Europe the company offers a clear and diversified profile with stable and predictable returns.
This document may contain certain forward-looking statements, estimates, opinions and forecasts concerning the future business situation, profitability, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should”, as well as their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions made by the Management Board of Pacifico Renewables Yield AG and involve substantial known and unknown risks and uncertainties, and therefore actual results, performance, and events may differ substantially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. We will not update the information, forward-looking statements or conclusions contained in this release to reflect subsequent events or circumstances, or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and do not assume any obligation to do so. We do not assume any responsibility in any way for the forward-looking statements or assumptions contained herein.