Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) has signed several agreements with investment fund IKAV to let the Hamburg-based firm become its partner in some 230 MWp worth of solar ventures in Spain.
Under one of the agreements IKAV is acquiring a 49% stake in the share capital of 69.5 MWp of Audax solar arms for EUR 8.8 million (USD 9.2m), the Spanish developer said in a bourse filing. Audax reserves the option to repurchase the stake in the future.
IKAV will also provide long-term financing totalling EUR 29.9 million for these solar farms. This way, Audax will recover part of the capital it invested in the plants and use the funds to promote other projects in the portfolio, the company said.
Finally, the partners have an agreement that allows IKAV to become a shareholder in special purpose vehicles by providing financing needed for 160 MWp solar projects to reach ready-to-build stage in the 2022-2023 period.
Audax will maintain control in all assets involved in the transactions, the group added.
“We are delighted to support a company as well known as Audax Renovables in the growth of its renewable generation business in Spain. IKAV already has a very significant portfolio of renewable assets under management in the region and, therefore, this transaction is perfectly in line with our long-term investment strategy,” commented Emilio Camblor, COO of the IKAV group.
An IKAV vehicle was in Spain several months ago to close a financing agreement to back a 48-MW PV portfolio of Spanish solar energy firm Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF).
(EUR 1.0 = USD 1.041)
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