Audax Renovables closes, through the EIB, the financing for the construction of 141MWp of photovoltaic plants in Spain


With this operation, Audax strengthens its commitment to renewable energies through its vertical integration, from generation to supply.

 The transaction, led by the European Investment Bank (EIB), will enable the Group to move forward with the construction of 141 MWp of photovoltaic facilities in Spain with financing of 66 million euros.


DECEMBER 7, 2023.- Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and electricity and gas supply to customers in 7 European countries, and with an international presence in 9 countries, has secured institutional financing for the construction of a portfolio of 12 photovoltaic energy projects in Spain. This financing, amounting to 66 million euros and led by the European Investment Bank (EIB), will promote the commissioning of a solar portfolio with a total capacity of 141 MWp.


Through this transaction, the Group is able to consolidate its vertical integration strategy, strengthening its presence in the area of renewable energy generation, where it has a pipeline of assets distributed among Spain, Portugal, Italy, France, Poland and Panama that exceeds 1,000MW. The projects that are the object of this operation are in operation, under construction and in the Ready to Build (RtB) phase. Once this entire portfolio comes into operation, Audax will have more than 380 MW in operation, thus confirming its strong commitment to renewable energies, sustainability and, in short, the energy transition.


In the current context of the debt market, the transaction is very positive, as the Group is securing financing for the development of solar power generation assets in order to continue its commitment to vertical integration. Thanks to this strategy, the Group will continue to increase the resources allocated to reducing corporate leverage, in line with its strategy of sustainable improvement of the financial position expected for the coming years.


At the beginning of 2023, the company closed a strategic agreement with the British company Shell for the supply of electricity and gas in Spain, which has had a very positive impact on the Group’s cash generation and operating profit. During 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 reported EBITDA of 77.3 million euros, this transaction will reinforce the organic growth expected for the coming years, in which the Group expects to be able to maintain annual EBITDA at around 100 million euros in a stabilized manner.

In this transaction, Alantra acted as financial advisor and coordinator of the transaction, while Garrigues and Clifford Chance acted as legal advisors to the company and the lender, respectively.




For more information:

Roman – Ginés Cañabate | (+34) 649 214 470


Patricia González – | (+34) 915 915 500



About Audax Renovables

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas across 9 countries.

It currently has a portfolio of wind and photovoltaic projects in operation, under construction and at different stages of development in Spain, Portugal, Italy, France, Poland and Panama, totalling 1.4 GW. In its retail activity, the group chaired by José Elías Navarro supplies electricity and gas to around 373 thousand customers in Spain, Portugal, Italy, Germany, Poland, The Netherlands and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 made the leap to the continuous market. It is currently included in the IBEX Small Cap® and MSCI World Small Cap® indexes, has a market capitalisation of more than EUR 500 million, and employs a team of approximately 800 professionals.