Spanish firm EiDF bags IKAV's financing for 48-MW solar portfolio

Solar panels. Author: Chris Baird. License: Creative Commons. Attribution 2.0 Generic

March 28 (Renewables Now) - Spanish solar energy outfit Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) said on Monday that it has reached an agreement with Hamburg-based investment fund IKAV to secure financing for a 48-MW portfolio of 30 PV projects in Spain.

IKAV, through IEI II Global Infraestructure Investments, will contribute EUR 13 million (USD 14.3m) and take a 9% stake in the Spanish group’s unit EiDF Generacion. EiDF Generacion is a holding company that controls nine special purpose vehicles that own the solar projects in the portfolio, EiDF said in a bourse filing.

The 30 projects will be EiDF’s first solar farms.

The agreement could also see IKAV take part in an upcoming portfolio of 50 MW worth of projects, the Spanish firm said.

EiDF built its name as an installer of solar self-consumption power systems for corporate customers. Last year, it ramped up its plans for vertical integration by strengthening the power generation unit EiDF Generacion and adding energy retail to its offering.

The electricity from the new solar farms that EiDF will build and operate will be sold through the company’s retail business, EiDF said.

The company added that it has over 1,000 MW of projects in the pipeline, and is analysing investment opportunities to expand it.

(EUR 1.0 = USD 1.098)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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