Umbrella Solar Investment, a Spanish company focused on photovoltaic solar energy, has secured debt financing from Incus Capital, an investment firm, and equity co-investment with Rgreen Invest through its Infragreen IV vehicle for the 212 MW of solar project in Spain.
The Umbrella Solar Investment combines companies like IM2 Energia Solar and Turbo Energy Solar Innovation, all in the photovoltaic sector. It has owned and developed the portfolio of 14 photovoltaic solar projects in the Extremadura, Andalucía, and Comunidad Valenciana regions of Spain, totaling a total capacity of 212 MW.
IM2 Energia Solar will construct the projects, the company’s EPC subsidiary and the construction will begin in 2022 for the most advanced projects.
In April 2022, the company signed a financing agreement for the project’s construction via a term loan for the entire portfolio with Incus Capital for €106.5 million (~$106.80 million).
Then in June 2022, the company also closed an investment agreement with Rgreen Invest to acquire a minority stake in the vehicle owned and operated by 14 SPVs. Through INFRAGREEN IV, RGREEN INVEST has agreed to invest up to €42 million (~$42.16 million) in the construction of the projects under a preferential scheme.
The Umbrella Solar Investment was advised by Finegreen, Perez-Llorca (Legal), EY (Administrative and fiscal), ATA (Technical), Marsh (Insurance), and PwC (Model Audit) for its Infinity project debt agreement. Incus Capital was advised by Linklaters (Legal) and Taiga Mistral (Technical).
In the capital agreement, UMBRELLA SOLAR INVESTMENT has been advised by Finergreen (Financial) and EY legal (Legal and tax), while RGREEN INVEST has been advised by Watson Farley & Williams (Legal and tax).
In July, Leeward Renewable Energy, an owner, and operator with a portfolio of around 2,000 MW of generating capacity from renewable sources, closed $58.5 million financing and tax equity commitments for its Rabbitbrush Solar Project in Kern County, California. Silicon Valley Bank and MUFG served as joint lead arrangers, and Well Fargo served as the administrative agent on the construction financing. Wells Fargo also served as Green Structuring Agent, and Wells Fargo, Silicon Valley Bank, and MUFG were the bookrunners.
According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.