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Interview with Marta Martínez Queimadelos, CEO of Grupo T-Solar, for El Economista

05 February 2020

The national edition of the newspaper El Economista publishes an interview with Marta Martínez Queimadelos, CEO of Grupo T-Solar, in its special edition dedicated to Renewable Energies, coinciding with the Genera fair.

Grupo T-Solar is positioned as a leading independent renewable energy generation company and one of the largest solar platforms in Spain, with a solid track record in the development, financing, construction, project management and operation of solar power plants. We speak with its cofounder.

What activity has Grupo T-Solar developed until today? What has been your track record?

Since its foundation, in 2007, the company has invested over €1.9 billion in solar power generation plants. Grupo T-Solar currently operates 51 plants in Spain, Italy, Peru and India, with an installed capacity of 336 megawatts, that generated over 595 gigawatt-hours of clean electricity in 2019, while avoiding the emission of more than 213,000 tons of CO2.

The company has a solid track record in the development and operation of solar power plants. We work with a highly experienced and qualified management team in the development, financing, management, and operation of renewable energy assets globally.

Is the company now focusing on the European market?

Yes. After the acquisition by I Squared Capital (global infrastructure fund), in 2017, Grupo T-Solar increased its portfolio of operating assets in Spain by 37% and the company focused its strategy on being a purely southern European renewable energy producer, where it has the largest portfolio of operating assets of 45 photovoltaic plants and 2 solar thermal plants with 274.2 megawatts of installed capacity in Spain and Italy.

Currently, Grupo T-Solar's business strategy is to consolidate its position in the European market by developing a large portfolio of Greenfield photovoltaic projects in Spain and Italy, returning to one of the company's main business lines since its creation.

Grupo T-Solar has just completed one of the largest financings of the renewable energy market…

Effectively. Grupo T-Solar issued a €567.8 million green financing, through its subsidiary Bothwell Spain. The financing included the issuance of a €34 million senior secured class A1 bonds, €234.1 million senior secured class A2 bonds both due June 2038; and a 10-year €299.7 million bank loan.

This is Grupo T-Solar’s first financing to obtain a Green Evaluation by Standard and Poor's, achieving a very strong E1/80 score - the highest granted by the agency- due to the transaction’s robust environmental impact mitigation, governance, and transparency.

What will the funds obtained be used for?

The proceeds will be used to refinance 23 photovoltaic solar projects with a combined installed capacity of 127 megawatts across Spain. The assets operate under the Spanish regulatory framework with a regulated return granted for 30 years.

How was the market response of this green financing?

We have seen a very strong interest in our first green financing among leading banks and institutional investors. This transaction enables investors that share our vision of a more sustainable future to partner with T-Solar in reducing carbon emissions for future generations.

Your commitment to sustainability is firm...

At Grupo T-Solar we are committed to developing a sustainable business by delivering clean energy. Our 51 operating renewable power plants with 336 megawatts of installed capacity are the ones that make this possible, because the important thing is not to be a leader but to feel that you are the leader in photovoltaic and solar thermal energy generation, avoiding more than 213,000 tonnes of CO2 a year.

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