German renewables developer MaxSolar has secured a €410 million (US$460 million) financing facility to support 2GW of solar PV and co-located storage projects in the next five years.
With this financing, the company aims to accelerate its ambition to become a large independent power producer (IPP) as it has a total project pipeline of nearly 6.5GW of renewables at different stages of development.
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The debt financing facility has been secured with institutional investors Infranity, I Squared Capital, and Rivage Investment which comprises an initial committed part of €165 million which could be expanded with a further €245 million funding.
Aside from investing towards the construction of 2GW of solar PV and co-located storage, the financing facility will offer the German developer inorganic growth and recruit more workers across Germany.
Christoph Strasser, CEO of MaxSolar, said: “We are thrilled to collaborate with like-minded partners who share our vision of accelerating Europe’s energy transition. The financing facility will play a significant role in enabling our next growth phase by helping us materially scale our offering.”