ICO provides 12.9 million euros to Grenergy for the construction of the Escuderos solar park
23 December 2020
- ICO joins this financing through Fond-ICO Infraestructuras II, one of the funds managed by AXIS, the ICO Group's venture capital subsidiary.
- The Escuderos solar PV park, located in the Cuenca municipality of Altarejos, will be one of the largest in Spain, with a maximum power of 200 MWp and an annual production of 385 GWh.
- This operation is part of ICO's actions to promote ecological transition, under a public-private partnership scheme.
Instituto de Crédito Oficial, through Fond-ICO Infraestructuras II, is contributing 12.9 million euros in financing to the Spanish company Grenergy for the construction and development of the Escuderos solar park in Cuenca.
This green financing, also provided by KfW IPEX Bank and Bankinter, amounts to a total of 110 million euros.
The Escuderos solar park, located in the Cuenca municipality of Altarejos, is already under construction and will be one of the largest in Spain, with a maximum power of 200 MWp and an annual production of 385 GWh. It is estimated that when it comes into operation in 2021 it will prevent the emission of about 107,800 tons of CO2 per year.
ICO's involvement in promoting this project aims to contribute to promoting recovery and ecological transition, under a public-private partnership scheme.
ICO is joining the financing through Fond-ICO Infraestructuras II, one of the funds managed by AXIS, the ICO Group's venture capital subsidiary. The purpose of this fund, which has been allocated 400 million euros, is to carry out investments that promote job creation, and in sustainable transport, energy, environmental and social infrastructure projects, both in Spain as well as in third markets.
About Grenergy Renovables
Grenergy Renovables is a Spanish company created in 2007, an independent producer of energy from renewable sources, mainly wind and photovoltaic, which has been listed on the Continuous Market since 2019. Its business model covers all stages of the project, from development to construction and financial structuring to operation and maintenance of the plants. In 2012, it opened for business in Latin America, where it has sites in Chile, Peru, Argentina, Mexico and Colombia, as well as in Spain and Italy, with a global pipeline of over 5.1 GW at various stages of development.
AXIS is the ICO Group's venture capital manager. It has been active in the venture capital market for over 30 years and provides alternative financing channels to companies to boost their growth and competitiveness.
AXIS currently manages 5.15 billion euros across three funds: Fond-ICO Global, the fund of private venture capital funds that aims to invest in innovative and technology-based Spanish companies at all stages of development; Fond-ICO Infraestructuras, whose main goal is to make sustainable investments in transport, energy and environment and social infrastructure; and Fond-ICO PYME, which offers long-term support to companies in their expansion and growth plans, through direct investment, in joint venture with other professional investors or indirectly through funds.