BlackRock invests in ENVIRIA; Enpal wants partners for module production; EBRD & Eiffel Investment Group joint loan for Polish projects; Elawan Energy raises debt financing in Spain; Schneider and IGNIS sign solar VPPA with GSK.
$200 million for ENVIRIA: German commercial and industrial (C&I) solar PV startup ENVIRIA has raised over $200 million in capital commitment from global asset manager BlackRock. The latter has made the equity investment through its Global Renewable Power IV (GRP IV) Fund. Focused on the commercial and industrial (C&I) space, ENVIRIA provides finance, installation and operation services for solar PV systems as well as the integration of charging stations and energy storage. The proceeds from BlackRock will enable it to expand within Germany. ENVIRIA currently has around 2,000 C&I projects in its development pipeline, representing over 2.3 GW capacity. By 2029, it targets to achieve 1.7 GW.
Enpal seeking partners: German solar installer Enpal says it plans to establish a consortium for the domestic production of solar modules. While it did not name any potential partners, the company says it has held intensive and positive discussions with the world's leading manufacturers for joint module production. The company recently unveiled its module manufacturing ambition, saying it was checking production sites in Germany and Europe. Last year, Enpal was in talks with the former VW Group CEO, Herbert Diess, and a leading Chinese manufacturer but there was no movement post that as the industry is facing a drop in module prices and a lack of EU subsidies. Having spoken against the German solar industry call for resilience bonus for solar, Enpal announced its manufacturing ambition soon after Meyer Burger said it will shut down module production in Germany and focus on the US market instead (see German Solar Manufacturing Industry Bracing For A Change?).
Loan for Polish solar projects: The European Bank for Reconstruction and Development (EBRD) and French asset manager Eiffel Investment Group have announced a joint loan for solar plants in Poland. The joint loan of €45 million to PL-SUN Sp.z.o.o. comprises €22.5 million from each institution. It will finance the construction of 16 solar PV projects with a combined 114.7 MW across the country. These will generate 122.5 GWh of clean energy annually once online. PL-Sun is a holding company owned and sponsored by Lithuanian closed-end investment company UAB Atsinaujinančios Energetikos Investicijos (AEI). The latter currently operates a portfolio of around 250 MW in Poland and Lithuania.
EBRD says this loan is its 1st construction bridge loan to date, and the 1st project co-financed under a new partnership with Eiffel. Both the partners signed a memorandum of understanding in December 2023 to explore co-investment bridge financing to accelerate the deployment of renewable energy sources across central and eastern Europe.
Elawan bags financing: Spanish renewables developer Elawan Energy has secured a €150 million ($162 million) debt financing to support 171 MW renewable energy capacity. It will use the proceeds to construct 4 wind farms and a PV project in Spain's Autonomous Communities of Castilla La Mancha and Castilla y León. Financing was provided by ING, Banco Sabadell, Banco Santander and Unicaja, advised by the law firm Clifford Chance. On completion, this capacity will generate 280 GWh annually.
Solar VPPA in Spain: Schneider Electric and IGNIS have signed a virtual power purchase agreement (VPPA) with the global biopharma company GSK. It will enable the construction of 2 solar projects by the Spanish renewable energy group IGNIS, specifically for the VPPA. It will bring additional renewable energy to the mainland European grid. GSK will fulfill close to 50% of its total electricity demand in the region for 12 years through this VPPA. The contract for 200 GWh of renewable electricity certificates/year will come into force from mid-2026. GSK operates 11 manufacturing sites, 6 R&D sites and its commercial operations in mainland Europe.