Audax Renovables has managed to close a financing of 66 million euros with the European Investment Bank (EIB) for a portfolio of 141 megawatts (MW) in 12 photovoltaic solar energy plants in Spain. The projects, which are now in the operation phase, under construction and in the Ready to Build (RtB) phase, will allow Audax to have more than 380 MW in operation. According to the company itself, the operation is very positive because the Group secures financing for the development of solar energy generation assets and thus can continue betting on vertical integration. "Thanks to this strategy, the Group will continue to increase the resources destined to reduce corporate leverage, in line with its strategy of sustainable improvement of the financial position expected for the coming years," they add in the statement.
At the beginning of 2023, Audax closed a strategic agreement with the British company Shell for the supply of electricity and gas in Spain, which has generated a very positive impact on the Group's cash generation and operating profit. During fiscal year 2023, the company has used the excess cash generated to significantly reduce its debt. In a year in which during the first nine months of the year the Group has reported a gross operating profit (Ebitda) of 77.3 million euros, this operation will reinforce the organic growth expected for the coming years, in which the Group hopes to be able to maintain annual Ebitda around 100 million euros in a stabilized manner.
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