PARIS–(BUSINESS WIRE) – Assured Guaranty (Europe) SA (AGE) *, an indirect subsidiary of Assured Guaranty Ltd. (with its subsidiaries, Assured Guaranty), announced that it had guaranteed payment of principal and interest on approximately € 125 million of bonds issued on 21st May 2021 by Anselma Issuer SA (the Issuer), an entity owned by Qualitas Venture Capital. Following the close of AGE, the bonds are rated AA by S&P Global Ratings. The underlying project is rated BBB.

The 17-year fixed rate bonds took advantage of low long-term interest rates and were placed privately in the UK. A request was made to list the bonds on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. The issue represents the fifth AGE transaction in the renewable energy sector in Spain in the past two years.

The portfolio includes 18 solar photovoltaic (PV) plants spread across several provinces of Spain. All the factories benefit from the Spanish regulatory regime of 2013, which provides for payments from the Spanish electricity system for the project in order to achieve a predetermined level of efficiency. The 18 photovoltaic plants all have an operational history of 13 to 14 years before the refinancing. The contractor responsible for the operation, maintenance and management of the assets of the project is Q-Energy Asset Management SL, a wholly-owned subsidiary of the Qualitas group.

Based in Paris, AGE is responsible for the financial guarantee activities of Assured Guaranty in continental Europe. AGE is rated AA by S&P Global Ratings and AA + by Kroll Bond Rating Agency.

Dominic Nathan, Underwriting Manager for Infrastructure Funding at AGE, commented:

“We have now completed five renewable energy transactions in Spain in just 24 months, supporting our decision to strengthen our presence in the country. This transaction also represents our third Spanish solar deal after the COVID-19 outbreak and proves our continued value to investors and sponsors, especially in difficult market conditions.

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

“The transaction shows the continued growth of our European insurance company Assured Guaranty (Europe) SA, which began underwriting activities in 2020. We look forward to further expanding our European presence in key regions and sectors.

AGE’s legal advisers on the transaction were Linklaters LLP.

The Issuer was advised by Watson Farley & Williams Spain, SLP

The Bond Joint Lead Managers of the transaction were Banco de Sabadell, SA and Banco Santander, SA

IMPORTANT NOTICE

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

The securities described in this document 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 or in a transaction not subject to the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction in the United States.

* ASSURED GUARANTY (EUROPE) SA is a public limited company with capital of 110,900,000 € registered in the Paris Trade and Companies Register under number 852597384, whose head office is located at 71, rue du Faubourg Saint-Honoré – 75008 Paris , and is governed by the Insurance Code.

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 finance. Through other subsidiaries, AGL provides asset management services. AGL is a Bermuda-based listed holding company (NYSE: AGO). For more information on AGL and its subsidiaries, visit AssuredGuaranty.com.

Caution regarding forward-looking statements:

All forward-looking statements made in this press release reflect AGL’s current views with respect to future events and are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from the inability of AGL and its insurance subsidiaries to execute their strategies; demand for their financial guarantees; unfavorable developments in their guaranteed or investment portfolios; the actions that rating agencies can take with respect to the financial strength ratings of AGL’s insurance subsidiaries; the unfavorable development of AGL’s asset management activities; and other risks and uncertainties not yet identified, management’s response to these and other risk factors identified in documents filed by AGL with the United States Securities and Exchange Commission. United. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of May 24, 2021. Assured Guaranty does not undertake 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.



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