Umbrella Solar Investment has secured funding for a 212MWp photovoltaic portfolio from a debt facility provided by Incus Capital and from RGreen Invest’s Infragreen IV Fund.
Through Infragreen IV, RGreen Invest has agreed to commit to invest up to €42m in the construction of the projects under a preferred equity scheme.
Umbrella, headquartered in Valencia, is a global vertically integrated company with a focus on photovoltaic energy.
The group is composed by different companies, such as IM2 Energía Solar and Turbo Energy Solar Innovation.
Umbrella historically owned and had developed a portfolio of 14 solar PV projects located in the Extremadura, Andalucía and Comunidad Valenciana regions in Spain, adding up to a total capacity of 212MWp.
The Company, which has historically pursued a development strategy in the highest irradiation regions from Iberia, successfully managed to take the projects to a very advanced development status, with several projects already construction-ready.
The portfolio will be selling energy under a fully merchant scheme and when fully operational could supply energy to over 115,000 households.
Construction activities will be entrusted to IM2 Energía Solar, the Company’s EPC subsidiary, and will start in 2022 for the most advanced projects.
IM2 has experience in engineering, procurement, and construction of solar PV projects of more than 150 projects in Spain and Chile.
In April 2022, Umbrella signed a portfolio-wide merchant term loan construction financing agreement with Incus Capital for a total amount of €106.5m to fund the construction of the portfolio.
Financial close for the first 27MWp project is expected to be achieved in the next days.
Subsequently in June 2022, Umbrella closed an investment agreement with RGreen Invest to acquire a minority stake in the joint venture vehicle which will own and operate 14 SPVs.
Project Infinity represent a key milestone in Umbrella’s strategy to further integrate across the energy value chain and consolidate as an IPP with proprietary operating assets.