Renewable Energy Company
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Dual (NYSE: ELLO) announced that Telasol SL, which owns a photovoltaic power plant with a capacity of 300 megawatts in the area of the city of Talawan, Caceres, Spain, 51% of which is owned by the company, has completed a financial closure of a financing agreement reported by the company In the past, a cumulative amount of 175 million euros, to be provided by European institutional lenders.
The financing includes a loan of EUR 155 million for a period of 22.5 years, and a loan of EUR 20 million for a period of 21 years. The weighted average life of the new financing is approximately 11.5 years, compared to the original weighted average life of 5.5 years in the previous financing (as defined below). The new financing carries a fixed annual interest rate with a weighted average of about 3% compared to a variable interest rate of about 3% on average determined by SWAP in the previous financing.
The amounts of the new financing will be used by the Company for the early repayment of the balance of the debt of the previous financing provided to Tlasol, in the amount of 121 million euros (above and hereinafter “the previous financing”); Deposit of € 6.9 million in the bank account of Telasol as a debt service fund, deposit of EUR 10 million in the bank account of Telasol as collateral for a credit letter (LC) to the Electricity Price Hedging Agreement (PPA) (hereinafter, “PPA credit letter”). The PPA credit note will be reduced by EUR 1 million annually up to a minimum amount of EUR 3.5 million to be released at the end of the PPA, releasing the SWAP to the interest rate of the previous financing of EUR 3.29 million transaction costs estimated at EUR 3 million; As well as a dividend to Telasol shareholders in the amount of approximately EUR 31 million (hereinafter, the “Special Dividend”).
The expected dividend together with the regular dividend for the period ended September 2021 in the amount of EUR 5.3 million and the release of the contingent equity provided by Talasol shareholders in connection with the previous financing of EUR 4.3 million, amount to a cash flow of approximately EUR 41 million Euro that Telasol will distribute to its shareholders, with the company’s expected share of it being about 20.9 million euros.
“We are very pleased with Telasol’s new funding,” Said Ren Friedrich, CEO and board member of Alumi. “The financing is expected to improve Telasol’s average annual cash flow by about € 3 million over the remaining nine years of the PPA. The immediate funds received from the new financing improve Telasol’s ability to distribute dividends to its shareholders, including the company.”
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