ILOS upsizes credit facility to €450m
BNPP AM Alts-backed European independent power producer ILOS has upsized its structured credit facility with US-based institutional investor EIG and Canadian investment group La Caisse to €450m to develop 2GW of solar and BESS across Europe by 2028.
The upsized facility represents a €200m increase from the original tranche and will provide flexible capital for construction equity and acquisitions. ILOS said it is targeting core markets, Germany, Ireland, Italy and the UK.
The €450m holdco financing includes perimeter assets, which range from pre-ready-to-build, RTB and operational. It was said to be fully committed while revenues across the platform were backed by a contracted strategy, an Akereos representative told PFI.
AXA IM Alts, which became part of BNPP AM Alts in July, acquired a 60% stake in London-based ILOS in April last year. BNPP AM Alts has over €300bn of assets under management.
EIG has committed over €53bn to the energy sector across 425 projects or companies spanning 44 countries. La Caisse, formerly CDPQ, has over €320bn in net assets.
Akereos Capital acted as structurer and exclusive debt adviser to ILOS, while A&O Shearman was legal adviser. Milbank was legal adviser to EIG and La Caisse.
