Copenhagen Infrastructure Partners P/S (CIP) and Arjun Infrastructure Partners have finalized the refinancing of their joint 487-MW Monegros onshore wind farm portfolio in Spain's Aragon region.
The refinancing, totaling EUR 383.5 million (USD 414.8 million), includes a EUR 331.7 million non-recourse fully amortizing senior debt facility, EUR 34 million in letter of credit facilities, and a EUR 17.8 million debt service reserve facility.
The financing was arranged by Astris Finance, serving as the exclusive financial advisor to CIP and Arjun. A syndicate of seven banks, including ABN, BBVA, BNP, Rabobank, Caixabank, Banco Sabadell, and Bankinter, provided the funding.
The Monegros portfolio comprises 12 operational wind farms, originally developed by Forestalia and later acquired by CIP in 2019. CIP's CI-III fund initially invested in the projects and secured a EUR 380 million loan in 2020. Arjun joined the venture in 2021, acquiring a 49% stake in the Monegros portfolio.
