EBRD has announced commissioning of 10 MW solar project in North Macedonia; Iberdrola has secured €88 million from EIB and ICO for green hydrogen; Downing has extended loan for 48 MW solar portfolio; EUSOLAG issues corporate bond and invests in its maiden solar facility.
10 MW solar project online in North Macedonia: North Macedonia's national utility JSC Elektrani na Severna Makedonija (ESM) has commissioned its 1st and the country's maiden large scale solar power plant on a site where previously a lignite coal mine was operational. It is designed to generate around 15 GWh annually and help the country bring down 12,177 tons of CO2 annually. The project is funded by the European Bank for Reconstruction and Development (EBRD) and bilateral donors to the Western Balkans Investment Framework (WBIF). EBRD said the new plant has a 10th of the old coal-fired plant's output so additional solar projects will be planned. The bank has approved the financing for an extension of the Oslomej plant and construction of a new one in Bitola for a total combined capacity of 30 MW. The new investment is also supported by the European Union (EU). Solar power projects like the 10 MW facility, will help the country decarbonize and diversify its energy generation that currently depends on ageing coal-fired plants, added the bank.
Iberdrola raises finance for green hydrogen: Spain's Iberdrola has raised €88 million from the European Investment Bank (EIB), the Official Credit Institute (ICO) in an amount of €53 million and €35 million, respectively. It will enable Iberdrola to develop a 100 MW solar PV project, 20 MWh battery storage facility and 20 MW green hydrogen production plant in Puertollano in Castilla-La Mancha, Spain. It will be one of the largest plants in Europe, according to the company.
Downing extends loan for 48 MW solar in UK: Downing LLP has completed the extension of a £30 million term loan facility with NatWest for a portfolio of 48 MW solar assets in England and Northern Ireland. The loan was agreed in June 2019 and had a repayment date of January 2022 which has now been extended for 3 years. Downing said the loan was completed via Juno Holdings Limited, which is a fully-owned subsidiary of Bagnall Energy Limited – part of Downing's Estate Planning Service.
EUSOLAG issues corporate bond: Germany based solar PV farms investor EUSOLAG European Solar AG has issued a corporate bond to support planned growth activities, with a tenor of 5 years. The first tranche is of €10 million and will be used to finance the acquisition of new projects. It will start trading on the Frankfurt Stock Exchange Open Market in a few days. Over time, the company said it may keep issuing tranches of the bond 2022/2027 up to a total volume of €125 million with an aim to expand the portfolio of PV farms. The company has also acquired its 1st project with 4 MW capacity at ready-to-build (RTB) stage. It is currently in negotiations with utilities and industrial offtakers for power generated by the facility that's expected to come online in Q3/2022.
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