EIB to place up EUR 100m to co-finance wind, photo voltaic in Iberia

February 4 (Renewables Now) – The European Funding Financial institution (EIB) has signed an settlement with various funding administration agency Ben Oldman to supply monetary merchandise for the development of some 430 MW of wind and photo voltaic PV tasks in Spain and Portugal.

The EIB stated that it’s offering as much as EUR 100 million (USD 114.6m), which can granted as unitranche loans for renewables from 2021 and 2024. The EU financial institution will act because the lead lender to a Ben Oldman-managed funding fund, which can in flip lend these funds as bridging loans to venture promoters.

Ben Oldman will deal with the origination of the loans.

These loans will probably be financed 50/50 by junior bonds subscribed by traders, totalling as much as EUR 100 million, and the EIB’s portion for a similar quantity structured as senior debt. Ben Oldman would be the shareholder of the reserved funding fund, and also will subscribe among the junior bonds, the lender stated.

The aim for the following three years is to originate EUR 200 million in six to 10 unitranche loans to a minimal of three beneficiary promoters.

(EUR 1.0 = USD 1.146)


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