S&P rates Tecnica notes, loan BBB-

S&P said it gave Tecnica Universal Solar SA’s senior secured debt, consisting of €18.7 million of senior secured notes due March 31, 2037, and drawdowns as of May of €32.4 million from its senior secured facility due Dec. 31, 2038, BBB-. The notes were sold in 2018.

No more drawdowns can now take place from the facility. The issuer used the proceeds to acquire the portfolio of PV plants, to pay fees and transaction costs and to make distributions to shareholders.

Tecnica will make the payments on the secured debt with the regulated cash flows generated from the operations of five photovoltaic power plants.

The outlook is negative, reflecting the volatility in credit metrics due to increasing power price changes and risks regarding the revision of the technical and remuneration parameters for Spanish renewables, S&P said.

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