The US subsidiary of Spanish renewable energy group Greenalia has raised close to $200 million to support the development of its US solar and wind energy project pipeline.
It will advance the company's initial renewable energy facilities with 1.9 GW combined capacity in this North American market.
Greenalia Power US Advanced II is currently developing 3 GW portfolio of solar, wind and batteries in the country. The 3-year credit facilities will support this 1.9 GW capacity in the Electric Reliability Council of Texas (ERCOT) region.
The proceeds will be used by the company to finance the project equipment and other development and construction expenses related to the pipeline.
The financing was led by Nomura Securities International, while PEI Global Partners served as the exclusive financial advisor to the company.
"Our innovative pre-NTP capital solution is designed to meet Greenalia's development capital needs across an extensive range of projects and technologies including Letters of Credit, equipment costs and other development expenses," said Partner at PEI, Schuyler Fabian. "This tailored structure, combining both bank and private credit capital, is poised to significantly advance Greenalia's project pipeline in the coming years."
An independent power producer (IPP), Greenalia is also invested in biomass and hydrogen along with solar, wind and storage technologies in Europe and the US. At present, the Spanish company has a total solar energy portfolio of around 4.8 GW as under development and under construction capacity.