Spanish integrated solar photovoltaic platform Enerside Energy SA has recently completed a series of significant transactions aimed at restructuring its debt, securing financing, and welcoming new shareholders.
Enerside restructured a EUR 13.7 million (USD 14.9 million) debt with Spanish lenders CaixaBank and Banco Santander. The debt, secured with an interest rate of 12 months Euribor plus 350 basis points, is to be repaid over 24 months. As collateral, Enerside has pledged five solar projects in development, totaling 38 MW in Chile, and two projects in Brazil — the 207-MW Pudong I and the 711-MW Camboata Solar.
In a separate development, the Luxembourg-based Laurion Group has invested EUR 4 million to acquire a 12.61% stake in Enerside, making it the company's second-largest shareholder. This transaction involved the purchase of shares from several existing shareholders. Additionally, Barcelona-based venture capital firm Inveready increased its stake in Enerside to 4.1% through a EUR 1.125 million investment.
Laurion also entered into a term sheet agreement with Andorran lender Andbank to provide up to EUR 25 million for Enerside's business plan.
Enerside, which operates a portfolio of solar projects across Italy, Spain, Chile, and Brazil, reported a robust asset rotation strategy supported by a 7-GW project pipeline valued at over EUR 240 million. The company anticipates generating EUR 20 million in revenue in 2024 and more than EUR 50 million between 2025 and 2026.
The company plans to launch a capital increase at the end of September to secure additional equity from key partners. The solar platform is led by CEO Joatham Grange, who is also the largest shareholder via Loptevi Investments SL.
