Amarenco Solar Limited (“Amarenco”) and Cantor Fitzgerald Ireland Corporate Finance Limited (“Cantor Fitzgerald Ireland”) are delighted to announce the recent completion of a €12m senior loan note facility to fund the expanding Amarenco growth strategy.
The new senior loan note will finance the development of Amarenco as a fully integrated Independent Power Producer across its operating markets including Ireland, Europe, the Middle East and the Far East. Amarenco was recently successful in being awarded 40 megawatts of new solar projects under the Renewable Energy Support Scheme in Ireland. This represents the first scheme by the government to support its ambition to source 70% of electricity from renewable sources by 2030, up from circa 30% at present. While wind and solar generated power has more than doubled in the past 5 years to now account for circa 8% of global electricity demand, the sector will require further significant investment into the next decade. The International Energy Agency estimates the level of investment must double from $300bn annually in the last decade to $600bn annually by the late 2020’s to remain in line with the goals established by the Paris Agreement.
“Cantor Fitzgerald Ireland are delighted to continue our relationship with Amarenco and to be working with a business that contributes to several of the United Nations Sustainable Development Goals in the transition to a low carbon future. It reflects our well established lead position as a funding provider to the Renewable Energy sector.” commented Conor McKeon, Head of Corporate Finance with Cantor Fitzgerald Ireland.
“The completion of a €12m loan note facility with Cantor Fitzgerald Ireland is the second major fundraising completed by Amarenco in 2020. We expect to announce one further large fundraise prior to year-end. Amarenco continues to expand its global footprint and this senior facility will assist in the rapid growth of Amarenco in 2021 and going forward.” commented John Mullins, Executive Chairman of Amarenco Solar Limited.