‘Unprecedented’ €1bn financing secured for 2.6GW of renewable energy projects

It will consist of more than 50 projects of predominantly solar and onshore wind farms in Spain and Portugal

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Aquila Clean Energy EMEA has finalised an “unprecedented” €1 billion (£0.86bn) of build-to-sell construction financing to support renewable energy projects in Southern Europe over the next three years.

The financing, supported by the InvestEU programme, will support the development and construction of Aquila Capital’s clean energy development platform’s renewable energy pipeline in Spain and Portugal.

It will consist of more than 50 projects of predominantly solar and onshore wind farms, with a total electricity generation capacity of 2.6GW – equivalent to the annual consumption of around 1.4 million households.

Susanne Wermter, Chief Executive Officer of Aquila Clean Energy EMEA said: “We are extremely pleased about being able to secure this landmark financing in a market environment that is marked by high inflation, rising interest rates, supply chain issues and the war in Ukraine. This transaction constitutes the largest financing in the history of Aquila Clean Energy and Aquila Capital. It demonstrates the creditability and appeal of our clean energy assets that aim to actively shape the European energy transition.

“With the financing now secured, we are opening up additional growth for our company and with the planned assets, we will be able to offer our investors further interesting opportunities. I would like to thank all parties involved for their dedication and effort over the past 12 months to make this deal work.”

The €1 billion (£0.86bn) construction facility consists of €400 million (£346m) credit from the European Investment Bank (EIB) and €600 million (£518m) from a consortium of commercial banks.

EIB Vice President Ricardo Mourinho Félix added: “This construction facility is the first of its kind and a landmark transaction for the EIB.

“As the EU climate bank, we put sustainable development at the heart of our activities. We are therefore extremely proud to be financing this project through a green loan that contributes substantively to Europe’s energy transition and the security of energy supply.”