UK-headquartered independent power producer (IPP) Nadara has secured €1.2 billion (US$1.36 billion) to refinance a 1.5GW operational renewable energy portfolio in Europe, which includes 13 solar PV projects.
The deal “consolidates and refinances” the portfolio, according to the company, and will “accelerate deployment of new renewable capacity,” although the company did not specify which projects of its development pipeline would be deployed using these funds. The refinancing will also support a further 34 onshore wind farms across the seven European countries covered by this deal: Finland, France, Italy, Norway, Spain, Sweden and the UK.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Nadara currently operates 11 solar PV projects across these countries with a combined capacity of 132MW. The company’s development pipeline in these countries is much larger, with a further 33 projects under development with a combined capacity of 1,184MW.
This includes the 227MW Big Fish solar project, currently under development in Sicily, that will be the company’s largest, by capacity, in both its European and US portfolios.
“By unlocking capital from established assets and reinvesting it into the next generation of clean energy projects, we are creating a virtuous cycle that accelerates the energy transition while generating long-term value for our stakeholders,” said Nadara’s head of corporate finance and treasury, Simone Volpi.
“At a time when energy security continues to emerge as a fundamental priority for Europe, this transaction supports the deployment of new renewable capacity and a more diversified, flexible energy supply, strengthening the continent’s energy resilience.”
A group of 15 international commercial lenders is involved in the deal, including the European branch of the Bank of China, the Milan branch of Banco Santander and HSBC Continental Europe. Crédit Agricole CIB and Santander CIB served as co-financial advisers, while White & Case served as legal adviser to Nadara and Clifford Change served as legal adviser to the lenders.
The news follows a month in which European solar PV reached a significant milestone; figures from think tank Ember show that solar PV accounted for a record 25% of power generation across the EU in June. However, a report from the European Climate Neutrality Observatory (ECNO), published just a week prior to the Ember figures, concluded that renewable energy deployments in Europe are growing “far too slowly” to achieve the EU’s target of a 58% share of renewable energy in the continent’s energy mix by 2030.
