The company Audax Renovables has signed a financing contract for an import of 66 million euros. The amount will be used for the construction of 12 photovoltaic energy projects in Spain. This was reported this Thursday by the firm to the National Securities Market Commission (CNMV) and reported by Europa Press.
The company has explained that the financing, led through the European Investment Bank (EIB), will allow the launch of a solar portfolio with a total power of 141 megawatts peak (MWp).
Through this operation, the group has highlighted that it strengthens its “vertical integration” strategy, strengthening its presence in the area of renewable energy generation, where it maintains a ‘pipeline’ of assets distributed between Spain, Portugal, Italy, France, Poland and Panama that exceed 1,000 megawatts (MW).
The projects that are the subject of this financing are in operation, construction and the ‘ready to build’ (RtB) phase. The firm has assured that, once this entire portfolio comes into operation, it will have more than 380 MW in operation, “thus confirming its strong commitment to renewable energies, sustainability and the energy transition.”
Energy pact with the British Shell
The company has recorded that it closed a strategic agreement with the British company Shell at the beginning of 2023 for the supply of electricity and gas in Spain, which has had a “very positive” impact on the group’s cash generation and operating profit. . above. Thus, the firm has highlighted that during this year, the company has used the excess cash generated to “significantly” reduce its debt.
He has also indicated that, in a year in which during the first nine months of the year the group has reported a gross operating profit (Ebitda) of 77.3 million euros, this operation “will reinforce the organic growth expected for the next xix years “, in which the company hopes to be able to maintain annual Ebitda around 100 million euros in a “stabilized” manner.
Alantra has acted as financial advisor and coordinator of the operation, while Garrigues and Clifford Chance have acted as legal advisors to the company and the lender, respectively.
