Deutsche Bank Trust and Agency Services (TAS) appointed on IGNIS 500 MW renewable project financing

In support of the operationally complex portfolio financing, the Deutsche Bank TAS team in Milan was appointed as account bank – supporting a high number of payments and working to tight timelines. Deutsche Bank also acted as the sole underwriter on the transaction.

The loan will allow IGNIS to finance renewable energy projects up to 500 MW of capacity and will support the development of the company’s IPP (Independent Power Producer) strategy in Spain.

IGNIS estimates that the planned renewable developments they will initiate between 2023 and 2024 – including those financed through the loan – will produce enough energy to supply 260,000 homes and avoid CO2 emissions of 324,000 tonnes per year.

When operational, the new solar plants will add to an existing portfolio of around 5 GW of managed operating assets (owned and third-party). The project will also contribute to the socio-economic development of the areas where they are located – bringing new job opportunities in various municipalities for both the construction and maintenance of the facilities.

Commenting on IGNIS’s strategy in the company’s Sustainability Annual Report 2022, Antonio Sieira Mucientes, CEO of IGNIS, said: “We are positive that we can contribute a lot more to the energy transition, electrification of the system and decarbonisation of industry. Therefore, we continue working to integrate in the value chain and transform the energy model through renewable energies.”¹ As part of this ongoing commitment to support the industry decarbonisation, IGNIS has recently signed several power purchase agreements (PPAs) linked to the commissioning of new solar power plants in Spain.²

“We are pleased that IGNIS has chosen Deutsche Bank to provide agency services on its renewable projects in Spain in support of its strategic energy transition plan,” said Jason Connery, Deutsche Bank’s Head of TAS EMEA and Deutsche Bank Corporate Bank UK and Ireland.

IGNIS is a global vertically integrated energy company primarily focused on renewable energy and innovative energy solutions. Established in 2015 by a team of engineers, IGNIS has focused its business strategy on the development of clean and competitive energy projects, with a leadership position in Spain and an increasing international presence operating in 11 countries. In addition, the company has incorporated new business areas such as energy management, where it holds 6% of the Spanish electricity market share. IGNIS is vertically integrated in the energy sector value chain with capabilities in EPC (Engineering, Procurement and Construction) and O&M (Operation and Maintenance) areas, as well.

Header picture: ©IGNIS

Sources

¹ See ignis.es
² See ignis.es