Arcadia Secures $50 Million Financing

Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, signed a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.

The solar project, which is expected to have an installed capacity of 57 MW with an annual generation capacity of 87 GWh, is currently under construction, and with the aid of Project Finance, it is anticipated to achieve commercial operation by the end of the first half of 2024. There is already an agreement to connect the solar park to the electricity grid, with the energy generated being sold under the feed-in-tariff support scheme currently applied in Hungary.

“With this financing, we are prepared to quickly put another solar park into operation, this time in Hungary, which will allow us in the short term to generate more green energy that will be consumed by everyone,” highlights João Manso Neto, CEO of the Greenvolt Group.

In February, the company completed €100 million (~109.27 million) placements in green bonds aimed at retail investors. The issuance of Greenvolt 2029 Green Bonds registered strong demand, surpassing the bonds available for subscription, amounting to 112% of the total bonds on offer after the upward revision of the amount to be issued.

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

AXS Energia, a solar energy company, this week secured a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project. All the solar projects are currently under construction and are expected to start operations in the second quarter of 2024.