Green Genius has signed a €20 million financing with Eiffel Investment Group’s funds. The company plans to use these funds to finalise the development of solar PV projects in Italy and Spain.
“This transaction is exceptional as the financing is not granted to a single ready-to-build project but to a portfolio of projects finishing their development in order to finance their pre-construction CAPEX, while benefiting from the diversification of the portfolio. This evidences the trust of a financial institution such as Eiffel Investment Group in our robustness and our competencies in the development of renewable energy projects in different countries,” said Rokas Bancevicius, CFO of Green Genius.
According to R. Bancevicius, the need for clean energy in Europe will continue to grow rapidly, particularly considering the EU’s ambitious targets for the implementation of a climate-neutral economic model by 2050. Climate crisis is impacting societies around the world, which calls for immediate action., and the EU has set ambitious targets for the implementation of a climate-neutral economical model.
“We are glad to have achieved the closing of this innovative financing for a diversified portfolio of projects located in Spain and Italy. The facility provided by Eiffel Investment Group’s energy transition vehicles contributes to the funding of the pre-construction costs of the projects, at a time when traditional long-term financing is not available. The collateral is made of projects that are diversified and at a late-stage development phase, i.e. without binary development risk. We look forward to keep building on this trust-worthy partnership aimed at accelerating the deployment of Green Genius’s projects,” stated Pierre-Antoine Machelon, Head of Energy Transition at Eiffel Investment Group.