Spain's Ecoener upsizes loan to bankroll 400 MW of solar

Spanish renewables developer Ecoener SA (BME:ENER) said on Wednesday that it has signed a financing agreement to boost an existing credit line by EUR 50.2 million (USD 54.5m) with a possibility to increase this amount to EUR 80 million.

The new agreement modifies some of the terms defined in the original loan signed in October 2022, when Ecoener secured financing of EUR 85.5 million with the possibility of bringing the borrowing limit to EUR 100 million.

Banco Santander joined the syndicate of six banks that provided the original loan. BBVA led the transaction as the coordinating bank.

With more funds available, Ecoener will be able to accelerate its expansion abroad and build solar power projects with a total installed capacity of 400 MW, it said.

Ecoener closed 2023 with 740 MW of wind, solar and hydro power projects in operation and under construction. Its assets are located in Spain, Latin America and as of recently in Greece. The company expects to reach 1,000 MW of renewables in operation and under construction worldwide in 2025.

(EUR 1.0 = USD 1.085)

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