7C Solarparken raises EUR 26m to fund portfolio expansion

German photovoltaic (PV) plants owner 7C Solarparken AG (ETR:HRPK) has raised EUR 25.8 million (USD 30.37m) in gross proceeds as part of a share issue and the fresh capital will be used to expand the company's capacity to 500 MWp.

A total of 6.94 million new shares have been sold to institutional investors in Germany and Europe at a price of EUR 3.72 apiece as part of a private placement, 7C Solarparken said on Monday.

The transaction was arranged by MM Warburg and Hauck & Aufhaeuser.

The Bayreuth-based company has revised its portfolio expansion target and now aims to reach 500 MWp, of which 400 MWp capacity in full ownership of the group, by the end of 2022 instead of 2023 as initially planned. At the end of March, 7C Solarparken's consolidated IPP portfolio reached 301 MWp with the majority of installations located in Germany, predominantly in Bavaria and Saxony.

(EUR 1 = USD 1.177)

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