September 9 (Renewables Now) - German renewables developer ABO Wind AG (ETR:AB9) on Thursday said it has placed a EUR-70-million (USD 69.9m) promissory note loan to bankroll the development of a 35-GW pipeline of wind, solar, and energy storage projects.
Currently, the German firm is working on 20 GW of wind, solar and battery storage schemes across 16 countries and also has a pipeline of 15 GW of renewable energy projects linked to future hydrogen production.
"We would like to implement as many of the projects as possible on a turnkey basis," said managing director Alexander Reinicke.
The EUR-70-million fundraising was met with high demand and ended up with a 40% oversubscription level. ABO Wind originally planned a target of EUR 50 million for the issue.
The financing was obtained from a group of 17 banks, mainly savings banks and foreign banks. It consists of tranches with both fixed and variable interest rates and maturities of three, five and seven years.
IKB Deutsche Industriebank AG and Landesbank Hessen-Thuringen (Helaba) arranged the transaction.
(EUR 1.0 = USD 0.999)