August 26 (SeeNews) - Three Hills Capital Partners will underwrite a EUR-30-million (USD 34.4m) bond by Italy-based renewable energy developer Building Energy, in which the pan-European fund will also take a non-controlling stake.
Building Energy said today the proceeds will support its projects in markets such as the US, South Africa and Eastern Europe. The company aims to bring online 430 MW of capacity by 2017.
The bond will have a tenor of five years.
The developer is working on megawatt-scale biomass, wind, photovoltaic and hydropower projects in several African countries. In the coming weeks Building Energy will also launch construction on a 30-MW wind farm in the US state of Iowa; on the second phase of a solar project at Cornell University in New York; and on a 45-MW solar park in Panama.
The company has over 2,200 MW of projects in its development pipeline.