Alternus raises EUR500m to fund solar spree

• Deutsche Bank-arranged facility will certainly fund acquisition of operating and in-construction projects

Alternus Energy has actually finished funding agreements with Deutsche Bank for a EUR500m facility, to fund the acquisition of solar PV assets throughout Europe.

The facility has actually an approved first draw of EUR80m.

The debt facility will offer non-recourse project finance and includes both senior and also mezzanine tranches, except for certain plan as well as commitment fees associating with the facility.

The funding will certainly be utilized to fund the acquisition of operating and in-construction projects.

It will certainly likewise support the closure of present acquired acquisitions, finance construction of as much as 600MW of the advancement pipe on a rotating basis in order to support the Company's planned growth to 2025.

The bank will certainly also work as lead arranger in a syndication of the remaining facility as and also when projects are submitted for approval.

Alternus expects broadening its current yearly repeating revenues of approximately EUR30m to more than EUR200m by the end of 2025.

Alternus Energy's operational portfolio of solar assets, situated across five European countries, supplies attractive long-term recurring cash flow generation with roughly EUR400m lifetime revenues remaining of which circa EUR172m is acquired.

Alternus CEO Vincent Browne claimed: "The successful agreement of this facility, amidst particularly rough times in the capital markets, can be credited to the hard work of our team alongside our financing partner Deutsche Bank.

" This facility will support growth projects and supply construction financing across numerous European jurisdictions.

" Securing this facility will permit us to accelerate our development initiatives over the following few years.

" Deutsche Bank is an optimal partner as they share our vision of combatting climate adjustment via the shipment of clean energy assets while increasing stakeholder benefits at the same time."