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The structured credit facility comprises an initial €250mn tranche and includes an accordion that would increase the loan amount by an additional €250mn. Proceeds from the facility will be used to provide construction equity and acquisition capital for ILOS’s ready-to-build (RtB) assets, initially focussing on projects in Ireland, the UK, the Netherlands, Greece, and Italy. The move will help the company achieve its target of reaching 2 GW of installed capacity from solar and battery storage projects, by 2026. ILOS also envisages deploying the raised capital in other OECD jurisdictions for hydrogen assets. Akereos Capital acted as the sole bookrunner, structure, and exclusive debt advisor to ILOS, while Allen & Overy served as ILOS’s legal advisor. Meanwhile, Milbank served as EIG’s legal advisor.
ILOS was capitalized in Jun '20 by OMNES Capital through its Capenergie 4 fund, with the aim of developing 1.5 GW of utility-scale solar in Europe. At the time of OMNES’ investment, the Germany-based company had developed 500 MW of power plants in the Netherlands, Ireland, the UK, Spain, and Italy. ILOS now has a development pipeline exceeding 3 GW, which also includes projects in Ireland, Spain, and Austria. ILOS intends to leverage its presence across the entire development value chain to mature the assets and views its expertise in EPC and operations & maintenance (O&M) as key drivers of value. The company follows a strategy of entering new markets through partnerships with local developers, and utilizes diversified financial structures to support its operations, despite being 50% private equity (PE)-owned.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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