Renewables investor Cubico has achieved financial close on the refinancing of the Spanish Andasol 1 and Andasol 2 concentrated solar power (CSP) projects, totalling 100MW.

The refinancing of the 50MW projects, both located in Granada, was completed with two green loans.

The green loans comply with the Green Loan Principles and are the third and fourth of this type in Cubico’s portfolio, following the refinancings of a 99MW wind portfolio in Italy in 2019 and the 50MW Arenales CSP plant in Spain last year.

Andasol 1 and 2 became operational in 2008 and 2009, use parabolic trough thermosolar technology with seven-and-a-half hours of molten salt storage each.

The loans’ mandated lead arrangers were Banco Santander, Bankinter, BNP Paribas, Credit Agricole CIB, Export Development Canada and Societe Generale.

Cubico was advised by Herbert Smith Freehills (legal) and Chatham Financial (hedging).

Cubico EMEA head David Swindin said: “Once again our banks have shown an outstanding level of support to Cubico to allow us to close this refinancing with a very tight timeframe.

“The Andasol plants remain a core part of our portfolio and we look forward to working with the banks on future growth opportunities in Europe.”