- ABO Wind has placed promissory notes for €70 million to raise funds for 35 GW renewable energy capacity
- It includes 20 GW of wind, solar and battery storage systems, along with 15 GW renewable energy pipeline linked to planned hydrogen production
- ABO Wind says the round was oversubscribed and hence it had to increase the value of promissory notes from €50 million to €70 million
German renewable energy developer ABO Wind has placed a promissory note loan for €70 million to help advance 35 GW worth of wind and solar farms along with battery energy storage systems (BESS) spread globally.
The company is currently working on wind and solar farms and battery storage systems with a combined capacity of 20 GW in 16 nations worldwide. Additionally, the German developer has a pipeline of another 15 GW renewable energy projects linked to a planned hydrogen production.
“We would like to implement as many of the projects as possible on a turnkey basis,” said ABO Wind’s Managing Director Alexander Reinicke. “The issue provides us with additional opportunities to do so.”
Defined as a debt instrument, a promissory note is a loan under which the borrower legally promises the lender of returning the debt within a certain time frame. ABO Wind says it originally planned to issue promissory notes worth €50 million but had to increase the value to €70 million due to ‘high demand and the numerous business opportunities’.
ABO Wind says the round was still oversubscribed with 17 banks participating, comprising mainly savings and foreign banks.
Founded in 1996, ABO Wind has so far developed and sold 5 GW renewable energy projects. Out of 20.18 GW wind, solar and storage development pipeline at various stages, maximum is located in Finland with 5.5 GW, followed by 4 GW in South Africa, 2.1 GW in Germany, 1.75 GW in Argentina and 1.5 GW in Spain, among others.
