Wind farm operator Acciona Energìa Mexico (AEM) has won a US$298.7mn project bond from five international banks to repay existing bank facilities for the Oaxaca II andIV wind farms in Mexico.
BBVA, BNP Paribas, Crédit Agricole, Santander and Société Générale are acting as the bookrunners on the deal.
The loan is comprised of a US$148.469mn and a US$150.231mn tranche, both carrying a coupon yield of 725 basis points. The bonds will mature in 2031.
The deal marks the first non-US renewable project financed in the US capital markets.
According to Société Générale, demand for the bond came from across the US, Canada, UK, Mexico − particularly from its pension funds − and Asia.
Oaxaca II and Oaxaca IV are two 102MW operating wind farms located in the Oaxaca region in southern Mexico. 100% of the electricity generated by the wind farms is delivered to state power utility Comisión Federal de Electricidad (CFE) on a take-or-pay basis, pursuant to a 20-year power purchase agreement with payments in US dollars.
Acciona Energìa is a wholly-owned subsidiary of Acciona, a Spanish infrastructure company, which currently manages 371 wind turbines with a total installed capacity of 556.5MW in Mexico.