{"id":2455,"date":"2022-07-12T12:00:00","date_gmt":"2022-07-12T12:00:00","guid":{"rendered":"http:\/\/new.rgreeninvest.com\/2022\/07\/12\/970\/"},"modified":"2023-01-18T12:28:03","modified_gmt":"2023-01-18T12:28:03","slug":"970","status":"publish","type":"post","link":"https:\/\/www.rgreeninvest.com\/en\/2022\/07\/12\/970\/","title":{"rendered":"UMBRELLA SOLAR INVESTMENT secures funding for Spanish 212 MWP solar PV portfolio from a debt facility provided by INCUBUS CAPITAL and from RGREEN INVEST\u2019s INFRAGREEN IV Fund as co-investor"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” width=”70%” width_tablet=”70%” width_phone=”100%” width_last_edited=”on|phone” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.17.4″ _module_preset=”default” text_text_color=”#162659″ global_colors_info=”{}”]<\/p>\n

Through INFRAGREEN IV, RGREEN INVEST has agreed to commit to invest up to \u20ac42M in the construction of the projects under a preferred equity scheme.<\/strong><\/em><\/p>\n

UMBRELLA SOLAR INVESTMENT (the \u201cCompany\u201d) has joined forces with INCUS CAPITAL as debt provider and with RGREEN INVEST (via its INFRAGREEN IV vehicle) as equity co-investor (Project Infinity) in the financing of its Spanish solar PV 212 MWp portfolio.<\/p>\n

UMBRELLA SOLAR INVESTMENT, headquartered in Valencia, is a global vertically integrated company with a focus on photovoltaic energy. The group is composed by different companies, such as IM2 Energ\u00eda Solar and Turbo Energy Solar Innovation, all pioneers in their respective segments within the photovoltaic sector and in the geographic areas where they operate.<\/p>\n

UMBRELLA SOLAR INVESTMENT historically owned and had developed a portfolio of 14 solar PV projects located in the Extremadura, Andaluc\u00eda and Comunidad Valenciana regions in Spain, adding up to a total capacity of 212 MWp. The Company, which has historically pursued a development strategy in the highest irradiation regions from Iberia, successfully managed to take the projects to a very advanced development status, with several projects already construction-ready. The portfolio will be selling energy under a fully merchant scheme and when fully operational could supply energy to over 115,000 households.<\/p>\n

Construction activities will be entrusted to IM2 Energ\u00eda Solar, the Company\u2019s EPC subsidiary, and will start in 2022 for the most advanced projects. IM2 counts with a solid experience in engineering, procurement, and construction of solar PV projects having brought to operations more than 150 projects in Spain and Chile.<\/strong><\/p>\n

In April 2022, UMBRELLA SOLAR INVESTMENT signed a portfolio-wide merchant term loan construction financing agreement with INCUS CAPITAL for a total amount of 106.5 \u20acm to fund the construction of the portfolio. Financial close for the first 27 MWp project is expected to be achieved in the next days.<\/p>\n

Subsequently, in June 2022, UMBRELLA SOLAR INVESTMENT closed an investment agreement with RGREEN INVEST to acquire a minority stake in the Joint Venture vehicle which will own and operate 14 SPVs. Through INFRAGREEN IV, RGREEN INVEST has agreed to commit to invest up to 42 \u20acm in the construction of the projects under a preferred equity scheme.<\/p>\n

Project Infinity represents a key milestone in UMBRELLA SOLAR INVESTMENT\u2019s strategy to further integrate across the energy value chain and consolidate as an IPP with proprietary operating assets. Equally so, this transaction confirms INCUS CAPITAL\u2019s capabilities in providing flexible capital solutions for real assets in Europe and RGREEN INVEST\u2019s continued support of the growth of European developers and operators by offering tailor-made financing solutions.<\/p>\n

On Project Infinity\u2019s debt agreement, UMBRELLA SOLAR INVESTMENT has been advised by Finergreen (Financial), P\u00e9rez-Llorca (Legal), EY (Administrative and tax), ATA (Technical), Marsh (Insurance) and PwC (Model Audit). On its side, INCUS CAPITAL has been advised by Linklaters (Legal) and Taiga Mistral (Technical).<\/p>\n

On the equity agreement, UMBRELLA SOLAR INVESTMENT has been advised by Finergreen (Financial) and EY legal (Legal and tax) and RGREEN INVEST has been advised by Watson Farley & Williams (Legal and tax).<\/p>\n

 <\/p>\n

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Through INFRAGREEN IV, RGREEN INVEST has agreed to commit to invest up to \u20ac42M in the construction of the projects under a preferred equity scheme. 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