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Oaktree completes Eoila deal

Funds managed by Oaktree Capital Management have completed the placement of EUR135 million of debt secured against a majority stake in Eolia Renovables de Inversiones SCR (Eolia) with Brookfield’s infrastructure debt business.

The transaction was used to finance a dividend recapitalisation to Oaktree and cover transaction costs. The debt raised represents the largest transaction of its kind performed on a pure-play Spanish dedicated Renewables IPP, highlighting the attractive credit characteristics Eolia offers the broad International investor community. The debt would be transferrable to prospective investors in Eolia in the event of a future exit of Oaktree.
 
Ian Simes, Senior Vice President, Brookfield Infrastructure Group, says: “We’re delighted to have closed this transaction with Oaktree. Eolia’s assets are of high quality and the Spanish renewable market is an attractive jurisdiction for investment. We are pleased to have been able to leverage our expertise as one of the largest operators of renewable power assets and work with Oaktree to structure a transaction that was both value adding and flexible.”
 
The transaction attracted broad international interest from several international institutional debt buyers and was completed with an innovative and bespoke structure.
 
Oaktree were advised on the process by Jefferies and Arcano. Legal advisors on the transaction were Davis Polk and Pérez-Llorca as issuer’s counsel and Herbert Smith Freehill as lender’s counsel.

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