Project Aurora
Meridian Renewables S.L. · ES · Active
Some data gaps or assumptions — review before distributing.
Alter5 Assessment
CONDITIONAL GO
Alter5 Fit
88/100
Investor Appeal
92/100
Headline Terms
| Term | Value | Tag | Note |
|---|---|---|---|
| Tenor | 12–20 years (bank) / 10–25 years (debt fund) | CONVENTION | Final tenor subject to financial model output and DSCR validation. |
| Amount | 25,000,000 | CONFIRMED | As requested by sponsor. |
| Gearing | Max 80% Debt/TPC (bank) / Max 85% Debt/TPC (debt fund) | CONVENTION | Total Project Cost is PENDING — gearing ratio cannot be validated until TPC is confirmed. |
| Pricing | 125–225 bps over reference rate (bank) / 250–500 bps (debt fund) | CONVENTION | Spread range only. Final pricing subject to financial model, DSCR covenant, credit review, and market conditions at close. |
| Currency | EUR | CONFIRMED | — |
| Debt Sizing | — | PENDING | BLOCKING: No Alter5 or sponsor financial model available. Requires P50/P90 energy yield, full project capex, DSCR projections, and debt service schedule. |
| Upfront Fee | 75 bps (bank) / 125 bps (debt fund) | CONVENTION | — |
| Dscr Minimum | 1.20x (bank) / 1.15x (debt fund) | CONVENTION | Cannot be validated without a financial model. BLOCKING item. |
| Template Key | pf_nonrecourse | CONVENTION | PF Non-Recourse template. No sponsor recourse. Security limited to project assets and SPV shares. Requires strong DSCR and confirmed offtake. |
| Security Package | First-ranking pledge over project shares; assignment of PPAs and insurance; DSRA (6 months) | CONFIRMED | — |
| Eif Guarantee Structure | EIF Sustainability Portfolio Guarantee — up to 70% guarantee rate, max EUR 15M per Final Recipient (Cohesion/JTF region uplift) — POTENTIALLY APPLICABLE | PENDING | EIF eligibility category is PENDING. Confirmation of SME or Small Mid-Cap status required to activate this instrument. Available via EIF financial intermediaries only (Abanca, Banco Sabadell, KEB Hana Bank identified in shortlist). |
Critical Q&A — 10 questions
Please provide the Alter5 or sponsor financial model (P50/P90 energy yield, full project capex, DSCR projections, debt service schedule). Without this, debt sizing, gearing, and DSCR covenant cannot be proposed.
What is the total project cost (EPC contract value + development costs + contingency + financing costs)?
What is the sponsor's equity commitment (EUR amount and % of total project cost)?
What is the full shareholder structure of Meridian Renewables S.L. (names, entity types, % ownership)? This is required for EIF group contamination assessment and SME/Small Mid-Cap classification.
What is the current year headcount (FTE employees) of Meridian Renewables S.L. and any linked or partner entities? Required for EIF eligibility classification under EU Recommendation 2003/361/CE.
What is the triennial revenue and total balance sheet of Meridian Renewables S.L. for current year (n), n-1, and n-2?
Who is the EPC contractor, and has the EPC contract been signed or is it in active procurement? Wrap/lump-sum status?
Please confirm the identity, credit rating, and jurisdiction of each PPA offtaker (one per site or single offtaker across portfolio).
What is the target financial close date and expected construction start / COD (commercial operation date)?
Are all three Andalusia sites located within a designated EU Cohesion Fund or Just Transition Fund (JTF) region? This determines whether the EUR 15M EIF InvestEU ticket cap applies (vs. standard EUR 7.5M).
Analysis Info
Re-running will overwrite the current draft analysis.
Matched Investors
(10)Top-scoring investor. Exact solar PF match with low single digit return mandate fully aligned to senior secured deal profile. EIF financial intermediary — directly relevant if InvestEU Sustainability guarantee is confirmed.
Broad PF + corporate mandate covering LSD through special situations. EUR 10–89M ticket range fits well. Flexible return appetite.
Solar PF sector match with uncapped ticket size. Large asset manager with active renewable energy debt strategy.
Spanish bank with dedicated PF team — natural domestic fit. EIF financial intermediary; relevant for InvestEU guarantee structuring.
PF solar sector match with uncapped ticket size.
EUR 20–50M ticket range covers the EUR 25M request exactly. Infrastructure specialist.
EUR 20–50M ticket. Active in European renewable PF. EIF intermediary — relevant for InvestEU structuring.
Infrastructure debt specialist with EUR 1–50M ticket. Proven solar PF investor.
EUR 1–50M ticket, solar PF sector match.
Specialist PF mandate with uncapped ticket size. Active in Iberian renewables.