Elecnor issues EUR 73 million in bonds for its wind farms in Brazil
Elecnor issues EUR 73 million in bonds for its wind farms in Brazil
The issue, made in two tranches, was 3.1 times oversubscribed
Madrid, 4 november 2019

Through Enerfin, its subsidiary for wind power development and operation, Elecnor has successfully issued bonds to boost its wind farms in Brazil. The non-recourse bonds in Ventos do Sul wind farms (150 MW), located in the Brazilian state of Rio Grande do Sul were issued on the Brazilian stock exchange and total BRL 325 million (EUR 73 million). These parks began operating in 2006 and the funding for their construction was fully amortised prior to the issue of these bonds. The funds raised by this issue will be earmarked for investment in future projects.

The wind farm holding company, Ventos do Sul Energía, obtained the highest credit rating granted by Fitch Ratings in Brazil (AAA Brazil) and the bond issue was 3.1 times oversubscribed. This high demand is thanks to the excellent conditions offered by the farms as a result of the optimal management of their operation and maintenance, among other factors.

The bonds were issued in two tranches with different costs. The first 70% were priced at the Brazil interbank rate, with a margin of 0.75%. Meanwhile, the remaining 30% were priced at the HICP inflation rate, with a margin of 3.25%.