Spanish renewable energy and natural gas supplier Audax Renovables SA has signed several agreements with investment fund IKAV, making the Hamburg-based company a partner in its solar ventures of around 230 MW in Spain.
Under one of the agreements, IKAV will acquire a 49 percent stake in the 69.5 MWp share capital of Audax solar arms for 8.8 million euros ($9.2 million), the Spanish developer said in an exchange filing. Audax retains the option to repurchase shares in the future.
IKAV will also provide a total of €29.9 million in long-term financing for these solar power plants. In this way, Audax will recoup some of the funds invested in the factory and use those funds to advance other projects in the portfolio, the company said.
Finally, the partners have reached an agreement that will allow IKAV to become a shareholder in Special Purpose Vehicles by providing the funds needed for the 160 MWp solar project to reach the readiness stage during 2022-2023.
Audax will maintain control of all assets involved in the transaction, the group added.
The COO of IKAV Group said: “We are delighted to support a company called Audax Renovables in the development of its renewable power generation business in Spain. IKAV already manages a very significant portfolio of renewable assets in the region and, therefore, this transaction Fully aligned with our long-term investment strategy."
A few months ago, an IKAV vehicle completed a financing agreement in Spain to support the 48 MW PV portfolio of Spanish solar company Energia Inovacion y Desarollo Fotovoltaico SA.
