Arkolia Energies signs bridge financing deal with Eiffel Investment Group

Montpellier- based renewable energy company Arkolia Energies has signed a bridge financing deal for the construction of 63 rooftop solar power installations.

Asset management firm Eiffel Investment Group has agreed to provide EUR 7.5 million (USD 9.19m) to help Arkolia Energies build the photovoltaic projects which should come on stream in 2018.

According to Arkolia estimates, the projects, with an overall capacity of 6.9 MWp, will cumulatively generate about 8.7 GWh per year.

The company is targeting to install 50 MWp of solar power systems this year. In mid-term, Arkolia Energies wants to have 200 MWp in operation and generate an annual turnover of EUR 100 million in 2022.

Last year, the European Investment Bank (EIB) and Eiffel Investment Group set up a EUR-100-million fund to finance the green energy transition in France and in Europe.

The deal with Arkolia is part of this fund, which provides developers with funds until the projects start generating revenue.

Since its start in April 2017, the fund has quickly provided finance, overall north of EUR 100 million, to over 300 projects, its manager Pierre-Antoine Machelon said.

(EUR 1 = USD 1.226)

Choose your newsletter by Renewables Now. Join for free!