esVolta Secures $185 Million Senior Secured Credit Facility

Audax Renovables, a vertically integrated Spanish energy group that generates energy from renewable sources, has secured institutional financing of €66 million (~$71.17 million) to construct a portfolio of 12 solar projects totaling 141 MW in Spain. The financing for the solar projects led by the European Investment Bank (EIB) will also promote the commissioning of the solar portfolio.

Through this transaction, the company can consolidate its vertical integration strategy, strengthening its presence in renewable energy generation, where it has a pipeline of assets distributed among Spain, Portugal, Italy, France, Poland, and Panama that exceeds 1,000 MW. The projects under this portfolio are in operation, under construction, and in the Ready to Build (RtB) phase.

Once this entire portfolio comes into operation, Audax will have more than 380 MW capacity.

In this transaction, Alantra acted as financial advisor and coordinator, while Garrigues and Clifford Chance acted as legal advisors to the company and the lender, respectively.

At the beginning of 2023, the company closed a strategic agreement with the British company Shell for the supply of electricity and gas in Spain, which has positively impacted the Group’s cash generation and operating profit. During 2023, the company has used the excess cash generated to reduce its debt significantly.

According to Mercom’s 9M and Q3 2023, Solar Funding and M&A Report announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.

Enfinity Global, a renewable energy company, recently secured €118 million (~$127.35 million) financing for the construction of four utility-scale solar power plants totaling 101 MW located in the Lazio (Italy) region, which are expected to become operational in 2024.