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Assured Guaranty Wraps Fourth Guaranteed Solar Note Transaction in Spain

Assured Guaranty (Europe) SA (AGE SA)*, an indirect subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that it has guaranteed principal and interest payments on approximately €326 million of notes issued on 23rd July 2020 by Hypesol Solar Inversiones, S.A.U. (the Issuer), an entity ultimately owned by Atlantica Sustainable Infrastructure PLC, in order to refinance two solar plants in Spain. As a result of Assured Guaranty’s wrap, the notes are rated AA by S&P Global Ratings.

The 17-year fixed-rate notes took advantage of low long-term interest rates and were privately placed with a combination of European and US institutional investors.

The two adjacent solar plants, called Helios 1 and Helios 2, are located in the province of Ciudad Real and, like other Spanish solar transactions guaranteed by Assured Guaranty, the Helios plants benefit from payments from the Spanish Electricity System in order to achieve a predetermined level of return.

AGE SA is Assured Guaranty’s European insurance company, and is domiciled in Paris. AGE SA is rated AA by S&P Global Ratings and AA+ by Kroll Bond Rating Agency.

Dominic Nathan, Head of Underwriting, Infrastructure Finance, AGE SA, and Managing Director, Infrastructure Finance, Assured Guaranty, commented:

“This transaction is our fourth renewable energy transaction in Spain in just over a year and the third primary market execution for our European subsidiary AGE SA since it was launched at the start of the year. We are particularly pleased with the fact that this transaction was successfully placed with investors from three different jurisdictions, further evidencing the breadth of our investor base.”

Nick Proud, Directeur Général, AGE SA, and Senior Managing Director – International and Structured Finance, Assured Guaranty, commented:

“We are very pleased to have this new relationship with the Atlantica Sustainable Infrastructure group, which has a strong presence in the solar energy sector globally. Having now guaranteed four transactions where the underlying assets use solar technologies, we have expanded our strategic role in the solar industry, where we expect to continue being active in the years to come as part of our broader green strategy.”

AGE SA’s legal advisers on the transaction were Clifford Chance LLP.

The Issuer was advised by Watson Farley & Williams Spain, S.L.P.

The Placement Agent in the transaction was Cantor Fitzgerald Europe.

IMPORTANT NOTICE

All of the securities have been sold, and this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.

*AGE SA (a société anonyme à Conseil d'administration, company number 852 597 384 RCS Paris) is an insurer authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution.

Through its insurance subsidiaries, Assured Guaranty Ltd. (AGL) is the leading provider of financial guarantees for principal and interest payments due on municipal, public infrastructure and structured financings. Through other subsidiaries, AGL provides asset management services. AGL is a publicly traded (NYSE: AGO), Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect AGL’s current views with respect to future events and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in this press release. These risks and uncertainties include, but are not limited to, those resulting from AGL and its insurance subsidiaries’ inability to execute their strategies; the demand for their financial guarantees; adverse developments in their guaranteed or investment portfolios; actions that the rating agencies may take with respect to AGL’s insurance subsidiaries’ financial strength ratings; changes in the world’s credit markets, segments thereof, interest rates, credit spreads or general economic conditions; the development, course and duration of the COVID-19 pandemic and the governmental and private actions taken in response, and the global consequences of the pandemic and such actions; adverse credit developments in Puerto Rico or other portions of AGL’s insured portfolio; adverse developments in AGL’s asset management business; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as 4 August 2020. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

Investor Relations:
Robert Tucker, +1 212-339-0861
Senior Managing Director, Investor Relations and Corporate Communications
rtucker@agltd.com

Media:
Ashweeta Durani, +1 212-408-6042
Vice President, Corporate Communications
adurani@agltd.com

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