September 20 (Renewables Now) - Spanish solar energy installer EiDF (BME:EIDF) said on Wednesday that it has signed a financing agreement to raise up to EUR 20 million (USD 21.4m) to develop its business units.
Under the agreement, Global Corporate Finance Opportunities 24 Ltd, a vehicle managed by alternative investment firm Alpha Blue Ocean, committed to invest in EiDF on a regular basis and the company’s request. The investment will take the form of subscription to convertible debentures, which can be converted into EiDF’s ordinary shares at any time.
The debentures will have a maturity of 12 months and will not bear any interest, EiDF said.
The company said that the transaction enables it to raise funds in the “current context of financial uncertainty”. The proceeds will be used for the development of EiDF’s business units, including those dedicated to the development of solar self-consumption systems and those working on the company’s power generation pipeline.
(EUR 1.0 = USD 1.069)