Alternus finishes faucet concern to acquire 15 MWp of solar in Poland, Italy

• Ireland-based independent power producer Alternus Energy Group Plc (OSE: ALT) has actually provided a tap bond to fund the purchase of 15 MWp of solar farms in Poland as well as Italy as well as recapitalise an existing Italian park, it claimed on Monday.

The solar energy-focused organization, with wholly-owned subsidiary Solis Bond Company DAC, finished a faucet concern of EUR 20 million (USD 23.2 m) of its senior safeguarded green bond. The faucet was finished at a concern rate of 102% of par value, representing a yield of 5.5% and also a spread of around 608 bps, Alternus Energy said.

The concern's settlement date is established for November 12.

Alternus Energy will certainly use the funds to acquire 14 functional solar farms with a combined capability of 14 MWp in Poland and one 1-MWp plant in Italy. The acquisitions will be finalised as soon as popular problems are met, which is expected in December 2021, the group said.

The company also means to recapitalise a concealed asset in Italy.

"The profits will be made use of to enhance our position across our core markets and also raise our overall operating capacity by 12%, as well as future EBITDA by approximately 8%. We look forward to additionally effective issuances as part of our ambitious growth plans to accomplish 3.5 gigawatts of functional capacity by 2025," included chairman and CEO Vincent Browne.

Arctic Securities AS functioned as financial advisor and single bookrunner for the tap problem.