Green IPP Building Energy bags EUR 70m from new investors

Renewables-focused independent power producer (IPP) Building Energy 1 Holdings plc will get about EUR 70 million (USD 80m) from two new investors, ZZ Capital International Ltd (HKG:8295) and Zhongzhi Capital (ZZC).

With the purchase of convertible bond and equity interests, the investors are joining Synergo and Three Hills Capital Partners, which already hold 30% and 7%, respectively, in Building Energy.

The IPP is active in the wind, solar, hydro and biomass sectors in over 20 markets. It will now work with ZZCI to expand its reach in China and other countries in Asia.

As part of the deal, Building Energy will move from Italy to the UK to take advantage of the depth of London’s capital markets, the UK’s expertise in renewable energy, and the supportive environment for high growth companies, says a press release from Wednesday.

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