The "Andromeda" bond sale involves the securitisation of SunPower Italy's project finance loans for construction of two adjacent Italian solar parks with a capacity of 45.3MW and 6.1MW. Lead managers are BNP Paribas and Société Générale.
These will, as far as we know, be the first bond linked to solar assets. There are two issues of EUR 97.6 million; the first is fully backed by the Italian Import/Export agence, SACE, and rated Aa2 by Moodys. These have been placed with European institutional investors. The second tranche are not backled, and are rated Baa3; they've been placed with the European Investment Bank.