Spanish renewable power and gas supplier, Audax Renovables SA, has finalized a financing agreement of EUR 66 million (USD 71.1 million) to facilitate the completion of a 141 MWp solar photovoltaic project portfolio in Spain.
The company announced on Thursday that it has inked the deal for senior facilities, led by the European Investment Bank (EIB), to support the commissioning of 12 solar projects. This financial backing aligns with Audax's vertical integration strategy, as outlined in the statement.
The portfolio encompasses operational solar farms and projects in various stages of construction, including those in the ready-to-build phase. Upon their completion, Audax is set to increase its renewables portfolio to over 380 MW across its markets.
With operations spanning Spain, France, Poland, and Panama, Audax Renovables manages wind and solar farms. Additionally, the company has solar projects in development in Portugal and Italy. This financing milestone underscores Audax's commitment to advancing renewable energy projects in its diverse portfolio.