By: Raj Prabhu
ID Energy Group, a vertically integrated Spain-based renewable energy company, secured a development debt facility to support its pipeline of late-stage solar PV and onshore wind projects in Europe. The facility was entirely subscribed by a newly established European debt fund, further solidifying its position as a strategic partner of the group.
The project pipeline comprises 67 individual projects, varying in size from 1 MW to 150 MW. Among these, Spain accounts for 700 MW, with 500 MW dedicated to onshore wind projects. Poland accounts for a solar PV capacity of 600 MW, whereas Hungary and Italy lag with 250 MW and 150 MW, respectively.
“We are thrilled to collaborate with partners who understand the significance of accelerating the transition to renewable energy in Europe. This financing facility will be a catalyst in our next growth phase, enabling us to significantly scale our pipeline,” said Julio Espadas, Cofounder, Shareholder and CFO of ID Energy Group.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Luminous Energy, a solar and energy storage project developer, recently closed financing on the 28.5 MW Bracon Ash UK Solar Farm. The project is expected to start generating power in the summer of 2024 and generate enough electricity to power more than 9,500 households annually.