Centrus advises Finerge on c.€1.6bn Hedge Restructure

About Finerge

As Portugal’s second largest renewable energy producer, Finerge has worked to provide access to more sustainable energy sources to the world for over 25 years.

Finerge operates 70 Wind Farms and 17 PV solar plants located in more than 47 Municipalities across Portugal and 3 provinces in Spain. 

Day and night, more than 770 turbines harness the energy of the Wind and thousands of photovoltaic modules that collect energy from the sun. 

All this means that more than 1,176ktons of CO2 emissions are avoided.

Transaction Overview

Centrus worked with Finerge to develop an appropriate hedging strategy to optimise their debt restructure and refinancing transaction from a risk management perspective including:

• Options appraisal and Market Analysis
• Pre-Hedging
• Restructuring
• Novations and Terminations
• Reprofiling

This resulted in an optimised restructure that met the client’s objectives, managed associated risks effectively and was delivered in a timely manner through a fair and transparent process.

Centrus Support

• Assisted in identifying appropriate hedging instruments & implementation strategies
• Supported in sourcing & negotiating competitive, fair & transparent pricing 
• Assisted in the commercial negotiation & execution of financing & hedging documents
• Assisted in executing the strategy with relevant counterparties 
• Ran quantitative analysis to support the recommendation of the optimal hedging strategy
• Independent check of market rates during dry-runs & execution calls
• Investigated any discrepancies identified during process
• Participated & coordinated dry-runs & execution exercises
• Review of trade confirmations for commercial accuracy post execution

“Centrus supported us through every step of the process, implementing effective hedging strategies to support our restructure. Their advice was always transparent and they helped us understand the crucial effects of each step. Our experience with Centrus was commendable and we wouldn’t hesitate to work with them again.”

Eduardo Camino, CGO – Finerge

“Working with Finerge on such an important transaction for the company was a pleasure. Centrus was happy to be able to assist in implementing an effective hedging and pre-hedging strategy in an extremely volatile interest rate market. It was no small feat but everyone involved from the banks to the client were pivotal in making it a successful transaction.”

Mark Taheny, Senior Director – Centrus

For more information, please contact Mark Taheny

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