ContourGlobal Breakthrough Half-Billion-Dollar Refinancing

Fidia Board of Directors approves 2023 budget and 2027 plan

(Telestock) – ContourGlobal, the independent electric group with a global presence, led by the Italian top manager Antonio Cammisecraannounced a major refinancing project for a portfolio of assets located in Mexico. The transaction, with a total value of 525 million dollarsis an example of the importance of innovative infrastructure financing in energy sector and constitutes a key piece of ContourGlobal’s strategyaimed at supporting the sustainable transition of its thermal fleet and organically expanding the renewable energy portfolio.

The operation was led by the team of Financing of the multinational with American origins, and which now, after the acquisition by KKR, has established a corporate office in Milan. It is from here that the operation was managed, which lasted over two years, during which the ContourGlobal team faced and overcame numerous legislative and market challengesculminating in a financial solution combining bank debt and bonds placed through a private placement.

Allianz Capital Partners (ACP) has invested $252 million in bonds placing them in private placement, while another 273 million dollars were financed by a consortium of banksincluding The Bank of Nova Scotia and Scotiabank Inverlat SA (Scotiabank Mexico), BNP Paribas (BNPP) and Crédit Agricole Corporate and Investment Banking (CA-CIB). Interest from investors and lenders underscores the confidence in the operational strength of ContourGlobal’s portfolio and its strategic importance in the Mexican energy landscape.

The refinancing concerns a 518 MW portfolio consisting of two high-efficiency natural gas cogeneration plants located in Cosoleacaque (Veracruz) and Altamira (Tamaulipas). ContourGlobal’s cogeneration technology uses the 32% less fuel and produces up to 30% less CO2 emissions for the same energy production compared to conventional thermal generation, thus contributing significantly to Mexico’s clean energy goals.

As part of the KKR Group since December 2022, ContourGlobal continues to leverage its global capabilities, managing 126 plants in 18 countries with a total installed capacity of approximately 5.6 GW. In Italy, the group is involved in a revamping and repowering project of 35 PV plants throughout the country, which will increase the total photovoltaic solar capacity of the Group in Italy to 113 MW.

tlb-finance