CaixaBank and Northland Power Spain, an ultimate fully owned subsidiary of Northland Power Inc. ("Northland"), have entered into an agreement to refinance the renewable energy assets owned by Northland in Spain. The financing transaction, which has been entirely underwritten by CaixaBank, amounts to €688 million and matures in 20 years.

The financing has been classified as "green" based on sustainability finance criteria as a result of its positive environmental impact in accordance with the Green Loan Principles of the Loan Market Association (LMA) and taking into consideration Northland's Green Financing Framework, which was certified by the independent third-party sustainability agency, Sustainalytics.

This transaction results in the optimization of Northland's funding strategy through the incorporation of its relationship banks with an asset platform it can leverage to achieve its growth objectives in Spain.

CaixaBank has acted as the Sole Underwriter, Mandated Lead Arranger and Bank Agent in this financing.

Northland Power Spain's asset portfolio consists of twelve photovoltaic plants with a capacity of 66 MW, thirteen wind farms with a capacity of 459 MW, and a 50 MW thermosolar plant. All assets are subject to the terms of the economic regime established in Act 413/2014, and currently in the operational phase.

Of the €688 million made available through the facility, €615 million correspond to Senior Debt, with the remainder corresponding to credit facilities used to meet the Borrower's working capital requirements.

Additionally, and within the company´s growth strategy, a €200 million Accordion Facility has been included to fund the development or acquisition of new renewable energy assets.

Northland Power I https://www.northlandpower.com/en/index.aspx

CaixaBank | https://www.caixabank.com/en/home_en.html