Greencells issues EUR25m environment-friendly bond to go after 1.8 GWp EPC pipe

• German solar design, procurement and also building (EPC) service provider Greencells has actually released a safeguarded environment-friendly bond worth EUR25 million, the proceeds of which will certainly be used to target a considerable EPC pipeline.

The company, which additionally supplies procedures and upkeep (O&M) services, has actually issued the bond with a quantity of as much as EUR25 million (US$ 29.5 million) with a coupon of 6.5% per year over a term of 5 years. The environment-friendly bond has actually been certified by sustainability ranking firm imug, and capitalists will have the ability to get involved from 16 November to 7 December.

Earnings from the bond issue will be utilized by Greencells to accelerate sales growth in Europe as well as past, Andreas Hoffmann, owner and CEO at Greencells stated.

"With a safeguarded EPC pipe of 1.8 GWp, we already have an exceptional basis for our further vibrant development," Hoffmann said, disclosing the firm expects sales in between now and 2024 to top EUR850 million (US$ 1 billion).

Greencells said it had around 506MWp of solar projects presently incomplete or already completed this year, a number which had actually been slightly impacted by the pandemic activating some growth hold-ups, although no projects were terminated completely. The company claimed it expects a "slightly moistened" half-year turn over figure in 2020, nonetheless this will certainly climb up throughout 2021 as growth work increases and also Greencells stated it had actually already secured projects with a forecasted turnover of EUR113 million for next year.

The bond is to be secured versus shares in solar project companies with an internet safety worth of EUR34.5 million as well as task of EPC proceeds with a contract worth of at the very least EUR10 million.

The fundraise comes little bit greater than two years after Saudi Arabian corporation Zahid Group took a 50% risk in Greencells, a purchase Hoffmann referred to as being an "inflection point" for the business at the time.