Spain's Audax welcomes IKAV as partner on its 230-MWp solar portfolio

• Spanish sustainable power and gas distributor Audax Renovables SA (BME: ADX) has authorized numerous agreements with mutual fund IKAV to allow the Hamburg-based company become its partner in some 230 MWp worth of solar ventures in Spain.

Under one of the agreements IKAV is acquiring a 49% stake in the share resources of 69.5 MWp of Audax solar arms for EUR 8.8 million (USD 9.2 m), the Spanish developer claimed in a bourse declaring. Audax books the option to buy the stake in the future.

IKAV will additionally give long-lasting funding amounting to EUR 29.9 million for these solar farms. In this manner, Audax will certainly recoup part of the resources it purchased the plants and make use of the funds to promote other projects in the portfolio, the firm said.

Finally, the partners have an agreement that permits IKAV to end up being an investor in unique purpose vehicles by providing financing required for 160 MWp solar projects to get to ready-to-build phase in the 2022-2023 duration.

Audax will certainly maintain control in all assets involved in the purchases, the team included.

" We are delighted to sustain a firm as well referred to as Audax Renovables in the development of its renewable generation company in Spain. IKAV currently has a really considerable portfolio of renewable possessions under administration in the area and also, for that reason, this purchase is perfectly in line with our lasting financial investment approach," commented Emilio Camblor, COO of the IKAV group.

An IKAV vehicle was in Spain numerous months ago to close a funding agreement to back a 48-MW PV portfolio of Spanish solar power company Energia Inovacion y Desarollo Fotovoltaico SA