Austria's CLEEN Energy raises up to EUR 7m to fund solar projects

Solar farm. Author: Juwi Renewable Energies Limited.

April 11 (Renewables Now) - Austrian clean energy efficiency solutions provider CLEEN Energy AG (VIE:CLEN) has secured up to EUR 7 million (USD 7.6m) in fresh capital to finance solar photovoltaic (PV) projects in its pipeline.

The company has already raised EUR 5 million through the issue of shares at a price of EUR 12 apiece as part of a private placement, it said last week. Due to the strong interest in the transaction, additional shares worth up to EUR 2 million will be issued.

CLEEN Energy will use the proceeds to finance the implementation of solar projects in Germany, Croatia, Italy, Bulgaria and the United Arab Emirates. The project pipeline for the next three years is worth about EUR 184 million.

The Haag, Lower Austria-based company seeks to build a portfolio of solar plants with a combined capacity of about 300 MWp by 2024. Based on the current electricity remuneration, these assets are projected to generate about EUR 31.5 million in annual revenues. The plants that were put into operation last year are expected to generate about EUR 3.6 million in revenue in 2022.

(EUR 1 = USD 1.086)

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