Eurovoltaic PLC, a privately held, U.K.-based alternative energy company, has entered into a mandate agreement with Deutsche Bank AG, London, to raise up to 200 million Euros of long-term debt. The proceeds of the funding will be used to acquire 30 MW of solar power stations in the Cordoba region of Spain as a first step to expand business to regions within Europe with sufficient average solar radiation.
The company currently owns a 2.8 MW solar farm near Griesheim, Germany. Once the Spanish installations are completed, it plans to extend its solar portfolio into Italy and Greece.
‘Deutsche Bank's knowledge of the alternative energy market in general, and the solar sector in particular, won them this business,’ says Mark Blundell, CEO of Eurovoltaic. ‘We have been extremely impressed with the energy and expertise of their team.’