IGNIS attains EUR 335 million in financing for project development in Spain

/in
  • The transaction, led by Deutsche Bank AG, will be destined to finance renewable projects with a capacity of 500 MW.
  • It will cover a relevant part of the debt necessary for the development of its IPP (Independent Power Producer) strategy in Spain.

IGNIS has achieved a financial closing amounting to EUR 335 million for the development of renewable projects in Spain.  The loan, administered by Deutsche Bank AG, has been successfully covered by a syndicate of international banks.

This loan will allow IGNIS to finance projects up to 500 MW of capacity, covering a relevant part of the debt necessary for the development of its strategy regarding the design, construction, promotion and operation of power plants in Spain.  The financing structure is therefore adapted to the EPC (Engineering Procurement and Construction) and PPA (Power Purchase Agreement)  strategy driven by the company in the development of its strategic energy transition plan.

The transaction was led by Deutsche Bank AG, as sole underwriter, with the participation of Rabobank, ABN Amro and Triodos Bank. IGNIS was advised by Cuatrecasas and the financial institutions by Clifford Chance.

 

Boosting IGNIS’ renewable projects 

The renewable developments that IGNIS will initiate between 2023 and 2024 possess the environmental permits necessary for their construction, will avoid the emission of 324,000 tonnes of CO2 per year and will produce 900 GWh per year, enough to supply the consumption of 260,000 homes. In addition, these new solar plants will contribute to the socio-economic development of the areas where they are located, favoring new job opportunities in various municipalities, by means of hiring qualified personnel in both the construction and maintenance stages of the plants.

These new developments allow IGNIS to consolidate its leadership as an integrated global energy company present throughout the energy value chain. The new solar plants, owned by IGNIS, will also be fully operated, and maintained by the company and add to a portfolio of around 5 GW managed operating assets (owned and third-party). In its commitment to support the industry decarbonization, IGNIS has recently signed several power purchase agreements (PPAs) linked to the commissioning of new solar power plants in Spain, contributing to the improvement of the industrial sector competitiveness.