A €2.3bn Variable Amortization refinancing of Finerge, the Iberian renewable energy platform owned by funds managed by Igneo Infrastructure Partners.The Finerge refinancing represents a novel and cutting-edge structure for renewables financing, a necessary evolution after over 30 years of fixed annuity financing. Variable amortisation is beneficial for sponsors; it allows higher leverage thanks to the constantly updated leverage control and also offers stabilised dividend yield, as debt repayment matches actual cash generation, mirroring the typical volatility of renewable energy sources.It also offer lenders lower probability of default, due to variable repayments, and protections in a downside case, as leverage is ultimately policed by a PLCR floor mandated repayment, which is computed on “live” long-term price curves (among other projections). For all parties, it provides an efficient structure, self-correcting around the long-term average forecasts and policed by a PLCR floor and cap, protecting debt and equity from material deviations with respect to the base case.