German independent power producer (IPP) ILOS Projects has secured a €500 million (US$531 million) structured finance facility from global energy and infrastructure investor EIG, intended to fund ILOS’s plans for over 2GW of solar and battery storage capacity by 2026.
The facility consists of an initial €250 million (US$266 million) loan and contains an accordion allowing for a further tranche of €250 million.
ILOS Projects is sponsored by global infrastructure financier Omnes Capital. Michael Pollan, partner at Omnes, said: “ILOS has seen tremendous growth over the last two years. We are proud to continue supporting the company as it works toward this ambitious IPP project.”
ILOS said that it plans to expand its scope to become a pan-European IPP, initially focusing on projects in Ireland, the UK, the Netherlands, Greece and Italy but with a view to expanding to other jurisdictions and into battery storage and hydrogen projects.
Loan proceeds in this agreement have been made available for construction equity and acquisition capital for ready-to-build assets.
Rob Johnson, managing director and global head of direct lending at EIG, said: “We’re thrilled to support ILOS in these exciting growth initiatives as they work to expand their footprint across Europe. This transaction is a testament to our confidence in the management team, their strategy and ILOS’s sponsors, and it underscores EIG’s commitment to investing in high-quality assets and energy infrastructure that support a low-carbon future.”
This story first appeared on PV Tech.
Energy-Storage.news’ publisher Solar Media will host the 8th annual Energy Storage Summit EU in London, 22-23 February 2023. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.