Spanish company EiDF bags IKAV's funding for 48-MW solar portfolio

• Spanish solar energy outfit Energia Inovacion y Desarollo Fotovoltaico SA (BME: EIDF) claimed on Monday that it has gotten to an agreement with Hamburg-based mutual fund IKAV to safeguard financing for a 48-MW portfolio of 30 PV projects in Spain.

IKAV, via IEI II Global Infraestructure Investments, will certainly add EUR 13 million (USD 14.3 m) and also take a 9% stake in the Spanish team's unit EiDF Generacion. EiDF Generacion is a holding firm that controls nine unique purpose vehicles that possess the solar projects in the portfolio, EiDF stated in a bourse filing.

The 30 projects will certainly be EiDF's first solar farms.

The agreement might also see IKAV participate in a future portfolio of 50 MW well worth of projects, the Spanish firm stated.

EiDF developed its name as an installer of solar self-consumption power systems for corporate clients. Last year, it ramped up its prepare for vertical integration by reinforcing the power generation unit EiDF Generacion as well as adding power retail to its offering.

The electricity from the new solar farms that EiDF will certainly build and operate will certainly be marketed via the company's retail business, EiDF said.

The company included that it has more than 1,000 MW of projects in the pipeline, and also is analysing financial investment chances to broaden it.