Alantra and Solarig have made progress with their 1900MW solar photovoltaic investment platform, securing €213m in debt financing for the construction of the first 306MW.
Alantra Solar (a partnership between Alantra and Solarig) has signed a financing agreement with Rabobank, acting as Bookrunner and Coordinator on behalf of a syndicate of banks comprising ABN AMRO, BNP Paribas, Commerzbank, and Cooperatieve Rabobank as the original lenders, which provides €213m in debt financing for the construction of the first seven solar plants.
In addition, during this first year, Solarig completed the construction and grid connection of the first solar plant of the 16MW vehicle, which is located in southern Spain, in Zafra (Badajoz), and was financed separately by Caja Rural de Soria.
As one of Europe’s largest solar development platforms, the investment vehicle N-Sun Energy, backed by Swiss infrastructure asset manager Reichmuth Infrastructure and French Asset manager Amundi Energy Transition, will gradually acquire a portfolio of 50 solar plants across Italy and Spain, which are being developed by Solarig.
A significant percentage of these plants will incorporate battery storage.
It is expected that the last plants reach ready-to-build status by the end of 2025.
As of today, the vehicle has already acquired 597MW from Solarig.
The investment platform is expected to invest a total of €1.7bn, of which €700m will be equity from the existing investment vehicle and successive funds, and the remaining €1bn debt.
“Within just one year, our progress is evident: securing the financing for the first batch of plants marks a pivotal milestone for our project, as does the successful completion of the first photovoltaic plant, actively supplying electricity.
“This rapid pace propels our commitment to expedite the energy transition, while offering investors seeking solar energy opportunities a robust risk-return solution,” Javier Mellado, Managing Partner of Alantra Solar, said.