Spain's EiDF to issue EUR 25m of promissory notes for solar projects

Spanish solar PV installer Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) said on Friday it had registered a green promissory notes programme on Spain’s alternative fixed-income market MARF with a maximum amount of EUR 25 million (USD 27.9m) to raise funds for its projects.

The one-year programme was structured to be considered green and in line with international green bond principles, the firm said.

Madrid-based financial group Rentamarket served at the sole lead arranger, while Singular Bank acted at the issuer’s registered advisor on MARF.

EiDF will use the funds to finance or refinance existing or future projects of its two business units -- one that is dedicated to the installation of solar arrays for self-consumption and a new one that is working on generating power from own large-scale PV plants.

The power generation division has a pipeline of more than 900 MW of solar projects, with 400 MW of them in early development, EiDF said. The first 50 MW of these solar farms are due to start operation in the first quarter of 2022, according to the company.

The generation division will inject the power into the grid and sell it through EiDF’s retail unit to industrial customers who already bought solar self-consumption arrays from the company but cannot fully meet their supply needs yet, EiDF explained.

EiDF’s self-consumption business for commercial and industrial customers, the firm’s primary activity, arrived in the new year with a backlog of orders for 110 MW of solar arrays.

Spain's solar self-consumption market experienced a boom in 2021 as more home-owners and businesses raced to installs their own panels and save themselves from high electricity bills. According to Spanish association of renewable energy companies APPA, self-consumption installations surged by 85% year-on-year to 1,151 MW of solar PV capacity.

(EUR 1.0 = USD 1.116)

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