Spain's Enerside taps crowdfunding for EUR-2.27m bond issuance

Spanish integrated solar player Enerside Energy SA (BME:ENRS) said on Monday that it has signed an agreement to issue a simple bond of up to EUR 2.27 million (USD 2.47m) through French crowdfunding platform Enerfip SAS.

The bonds will have a 3-year bullet maturity and carry an interest rate of 8.5% per annum.

As part of the transaction, Enerside will provide Millaray Fotovoltaica SpA, a Chilean company, as second-ranking collateral. Millaray is a special purpose vehicle that holds Enerside’s 7-MWp Renaico solar farm in Chile.

Renaico, which was entirely self-funded by Enerside, is classified as an independent power producer scheme on the company’s website. The solar farm benefits from long-term recurring revenues under Chile’s tariff regime for distributed generation projects.

Enerside said that it will use the proceeds from the bond issuance to further develop its solar projects.

(EUR 1.0 = USD 1.087)

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