GridBeyond Raises $55 Million in Series C Funding

X-ELIO, a solar project developer, announced the closing of €89 million (~$96.75 million) financing deal with Societe Generale as sole Bookrunner, Mandated Lead Arranger and Hedge Provider.

The funds will be utilized for the development and construction of three solar projects totaling 123 MW in Spain.

The assets involved in the operation are an X-ELIO PV plant in Almeria, which is currently reaching the end of its construction phase, and two further plants, one located in Murcia and the other in Granada, both under construction since the end of 2023. The financing deal closed in February 2024.

Lluís Noguera, CEO of X-ELIO, said: “We are very pleased to be able to count on the support of Societe Generale for these key projects in our portfolio. This funding will accelerate the implementation of our vision for a more sustainable and environmentally friendly future. We expect these projects will not only generate clean energy, but also contribute to the economic growth of local communities and the fight against climate change.”

Donato González, Group Country Head for Spain at Societe Generale said: “Societe Generale is pleased to support X-ELIO in the development of renewable projects in Spain. As a financial services provider Societe Generale is also firmly committed to play a key role in the success of a responsible ecological transition. We stand by our clients to help them have a positive impact on society.”

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.

The European Bank for Reconstruction and Development (EBRD) and French asset manager Eiffel Investment Group (Eiffel) recently made a joint loan of €45 million (~$48.83 million) to PL-SUN Sp.z.o.o for the construction of a portfolio of solar power plants.