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BayernLB is financing a PV portfolio in the UK consisting of four photovoltaic plants for German IPP (independent power producer) ILOS Projects GmbH, acting as MLA, Facilities Agent, Original Hedge Counterparty and Full Underwriter. The GBP 75m facility, with an accordion option for two additional projects, was provided under a green loan agreement.
The greenfield projects, which all will be operated under the UK Contract for Difference Schme, have a total installed capacity of 167 MWp and are located across South England and Wales. Once fully operational in 2025, Project Tyche will supply up to 60.000 households with renewable energy.
„Our mission is to promote the energy transition and drive the global expansion of renewable energy“ explains Nikolaus Krane, CEO of ILOS Projects GmbH. “We along with our partners are delighted to significantly contribute to a reduction of global CO2 emissions“.
Karin Schramm, Sector Head Renewable Energy at BayernLB, adds: “We are delighted to accompany the ILOS team on their growth path towards becoming a leading IPP in Europe. This project very well demonstrates Ilos skill set to successfully realise various projects in parallel in a challenging market environment (in particular the UK grid) and bring it to a fruitful close. It is a great pleasure to work with well experienced clients such as Ilos and to be able to support them with their success story.”
The Omnes Capital Venture ILOS Projects GmbH specializes in the development of solar parks across Europe, typically taking on the operation phase post-construction. In exceptional instances, ILOS may also disengage from projects that have advanced to the ready-to-build stage. Omnes will furnish the capital required for the development phase, while a structured credit facility from a prominent infrastructure fund will secure the construction and acquisition of solar plants in the ready-to-build stage. The ultimate objective is to cultivate a substantial project pipeline and establish a prominent position as an Independent Power Producer (IPP) with solar parks in Europe's key markets.