The funding is being channeled into refinancing a portion of existing higher cost debt that was used to buy 7.2 megawatts of solar power projects in Italy. The funds will reduce annual interest costs for the projects once the Eiffel funds are repaid by October 2019.
“We appreciate the investment and confidence of our financial partner, Eiffel, in sharing our vision,” said Alternus Energy CEO Vincent Browne. “We see opportunities across Europe for us to a acquire solar park assets, operate and manage them under long-term contracts and generate solid cash flows.”
In an update report to shareholders released in May, the renewable energy company said it has already identified additional solar power projects in four nations where it currently has operations — Germany, Italy, the Netherlands and Romania.
Those European solar parks now generate 29.1 megawatts of power, and the company hopes to up that power generation to more than 100 MWs by year’s end.
Pierre-Antoine Machelon of Eiffel said his company looked forward to supporting Alternus energy’s management team execute on its European growth blueprint.
Alternus owns and operates solar parks, which generate clean energy that is sold to national power grids under long-term, government counterparty, fixed-price contracts.
Contact Uttara Choudhury at [email protected]