Aquila Clean Energy to Invest EUR 2 Bn for 2.6 GW RE Projects

Sep 9, 2022 12:07 PM ET
  • Aquila Clean Energy will certainly develop renewable energy pipe in the Iberian region-- Spain and also Portugal-- over the next 3 years.
  • The firm has shut a EUR 1 billion building and construction facility, supported by the InvestEU programme and the staying greater than EUR 1 billion comes from funds taken care of by Aquila Capital.

Aquila Clean Energy EMEA, the clean energy development platform in Europe of Aquila Capital, has actually introduced that it has closed a EUR 1 billion construction center, supported by the InvestEU programme. The financing is to support growth and also building and construction of Aquila Clean Energy's whole renewable resource pipe in Spain as well as Portugal over the following 3 years.

The EUR 1 billion construction center includes a EUR 400 million credit from European Investment Bank (EIB)-- sustained by an EU spending plan guarantee under InvestEU-- and also EUR 600 million from a consortium of commercial banks. For the overall project quantity of over EUR 2 billion, the staying quantity of more than EUR 1 billion comes from funds managed by Aquila Capital, stated Aquila Clean Energy.

The pipe contains greater than 50 projects of solar and also onshore wind possessions having complete capacity of 2.6 GW, a quantity matching to the annual consumption of 1.4 million homes. These projects will have an approximated yield of 5.3 TWh annually.

Aquila Clean Energy said that the substantial bulk of investments are anticipated to be situated in the European Investment Bank's (EIB) cohesion concern regions, therefore sustaining the economic recovery in these regions which were particularly influenced by the COVID-19 pandemic.

For the construction facility, Santander functioned as the Facility as well as Security Agent. NatWest worked as Documentation Agent and also KfW IPEX-Bank as Hedging Documentation Agent. BNP Paribas, ING, Intesa SanPaolo as well as Banco Sabadell further sustained the center. The financial debt was dramatically oversubscribed, validating lending institutions' solid rate of interest in the financing.

The company additionally informed that this project was made possible as a result of an EU budget guarantee under the InvestEU programme, which enables the EIB to boost its threat taking capacity as well as in this particular instance, to think electrical energy vendor threat under a non-recourse funding structure as the transaction does not entail any kind of price bush mechanism such as PPA.

Susanne Wermter, CHIEF EXECUTIVE OFFICER, Aquila Clean Energy EMEA, stressed, "This transaction constitutes the largest funding in the background of Aquila Clean Energy and also Aquila Capital. It shows the trustworthiness as well as appeal of our clean energy possessions that intend to actively shape the European energy transition. With the financing now safeguarded, we are opening up additional development for our firm and with the scheduled assets we will have the ability to offer our financiers even more fascinating chances."

Ricardo Mourinho Félix, EIB Vice-President, said, "As the EU climate bank, we put lasting growth at the heart of our tasks. We are consequently very happy with funding this project, with a Green Funding that adds substantively to Europe's energy change as well as the security of energy supply."

Currently, Aquila Capital handles virtually 14 billion euros in support of institutional capitalists worldwide to attain carbon nonpartisanship businesses. Currently, Aquila Clean Energy takes care of a profile with a complete capacity of greater than 8.2 GW.

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