IGNIS, a vertically integrated renewable energy company, closed on debt financing amounting to €335 million (~$357.47 million) for developing solar projects in Spain. The loan was led by Deutsche Bank, which also acted as the sole underwriter, with the participation of Rabobank, ABN Amro, and Triodos Bank. IGNIS was advised by Cuatrecasas and the financial institutions by Clifford Chance.
The loan will allow IGNIS to finance projects up to 500 MW of capacity, covering a relevant part of the debt necessary for developing its strategy for the design, construction, promotion, and operation of power plants in Spain.
The new solar plants, owned by IGNIS, will also be fully operated, maintained by the company, and added to a portfolio of around 5 GW managed operating assets (owned and third-party).
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Keppel MET Renewables (KMR), a renewable energy investment firm, recently acquired a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026. With an installed capacity of 38 MW and total energy production of approximately 63 GWh per year, once constructed, the solar project is expected to generate enough power to supply the equivalent of more than 20,000 Italian households.
