Wind and solar developer Blue Elephant Energy has reached a funding agreement with Infranity to support the development and construction of 1GW renewable energy capacity across Europe.
Acting as sole lender, Infranity has partnered with Blue Elephant to provide €200m in committed financing in the form of a Holdco construction facility, with an option to increase it by a further €200m.
With this financing, Infranity continues its commitment to the renewable energy sector, having already invested €2.4bn in various clean energy projects.
The funding, directly structured by Infranity, will allow Blue Elephant to accelerate its development plans.
European renewable energy company Blue Elephant Energy has developed, acquired, and operated solar parks and onshore wind farms, along with storage solutions, since its formation in Germany in 2016.
The company’s portfolio, primarily located in western and central Europe, currently has a total capacity of 1730MWp.
The portfolio aligns with the European Union’s Renewable Energy Strategy, which aims to increase installed renewable energy capacity to around 900GW by 2025 and over 1200GW by 2030.
Infranity’s investment director Garbiñe Unda said: “Our partnership with Blue Elephant Energy represents a significant step forward in our commitment to fostering sustainable energy solutions across Europe.
“We are very pleased to support Blue Elephant in their next growth chapter and we believe that this collaboration underscores our belief in the transformative power of renewable energy and its crucial role in addressing climate change.”
Blue Elephant Energy’s head of corporate and project finance Dorothee Klinkmann added: “This partnership with Infranity SAS, one of the leading global infrastructure debt investors, will not only enhance our capital structure but also help us unlock new opportunities for growth.
“We look forward to the continued momentum this financing will bring, positioning us to execute our growth strategy more effectively and deliver on our long-term goals.”