€125 million guaranteed debt refinancing of 18 solar plants in Spain

Assured Guaranty (Europe) SA (AGE)*, an indirect subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that it has guaranteed principal and interest payments on approximately €125 million of bonds issued on 21^st May 2021 by Anselma Issuer SA (the Issuer), an entity owned by Qualitas Venture Capital. As a result of AGE’s wrap, 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 privately placed in the UK. Application has been made to list the bonds on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. The issuance represents AGE’s fifth transaction in the renewables industry in Spain in the past two years.

The portfolio comprises 18 photovoltaic solar (PV) plants spread across a number of provinces in Spain. All plants benefit from the 2013 Spanish Regulatory Regime, which provides the project with payments from the Spanish Electricity System in order to achieve a predetermined level of return. The 18 PV plants all have an operational track record of 13-14 years prior to the refinancing. The contractor responsible for the operations, maintenance and asset management of the project is Q-Energy Asset Management S.L., a wholly owned subsidiary of Qualitas Group.

Domiciled in Paris, AGE is responsible for Assured Guaranty’s financial guarantee business in continental Europe. AGE is rated AA by S&P Global Ratings and AA+ by Kroll Bond Rating Agency.

Dominic Nathan, AGE’s Head of Underwriting for Infrastructure Finance, commented:

“We’ve 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 following the outbreak of COVID-19 and proves our continued value to investors and sponsors, particularly under difficult market conditions.”

Nick Proud, Directeur Général 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 writing business in 2020. We look forward to expanding our European footprint further in key geographies and sectors.”

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

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

The Bond Joint Lead Managers in the transaction were Banco de Sabadell, S.A. and Banco Santander, S.A.

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.

* 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 852 597 384, whose registered office is located at 71, rue du Faubourg Saint-Honoré - 75008 Paris, and is governed by the French 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 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 these statements. 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; 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 of 24 May 2021. 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.

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