Eland Private Equity & Voltiq reach Financial Close on solar greenhouse portfolio

Eland Private Equity, a leading Spanish Investment Fund Manager focused on renewable energy generation in Europe and Latin America with over EUR 240 mln invested in...

Eland Private Equity, a leading Spanish Investment Fund Manager focused on renewable energy generation in Europe and Latin America with over EUR 240 mln invested in producing power plants, has secured a EUR 18.3 mln non recourse project finance loan for a 4.3 MW portfolio of solar greenhouse rooftop facilities on the island of Sardinia, Italy.

The debt package is provided by Banca Infrastrutture Innovazione e Sviluppo (BIIS, Intesa Sanpaolo group). The loan has a maturity of 16.5 years post completion. Eland was assisted by Voltiq (financial and commercial structuring), Ingenostrum (technical) and Grimaldi (legal). BIIS was assisted by Astrom Technical Advisors (technical) and Legance (legal). The projects were built by leading Spanish contractor FCC.

The greenhouse rooftops are covered partly by solar PV modules. A leading international vegetable and fruit production and commercialization company cultivates crops like rucola and basilicum inside the greenhouses, ensuring biological and sustainable production. Instead of occupying agricultural land with solar PV plants, integrated solar greenhouses foster the co-existence of agriculture and energy production and point to a radical change in the business model of traditional greenhouse operators.