Spanish independent energy manager Ignis has obtained financing of €355m ($378.52m) to support the development of 500MW of renewable energy projects.

The financing was led by Deutsche Bank as the sole underwriter. Other international participants included Rabobank, ABN Amro and Triodos Bank.

Ignis was advised by Cuatrecasas for the transaction while Clifford Chance advised the financial providers.

A significant part of the loan will be used to develop the company’s plan for the design, construction, promotion and operation of the plants.

The financing structure has therefore been adapted to a strategy of engineering procurement, construction and power purchase agreement, driven by the company’s strategic energy transition plan.

Environmental permits are already in place for the renewable projects set to begin construction in 2023 and 2024. They will generate 900 gigawatt-hours of clean energy annually, enough to power 260,000 Spanish homes while avoiding 324,000 tonnes of CO₂ emissions.

These projects also bring socioeconomic benefits and create jobs.

The 500MW projects will help Ignis increase its portfolio of operational assets to 5GW, consolidating its position as an integrated global energy leader.

Ignis was established in 2015 and has focused on developing clean and competitive energy projects with operations across 11 countries.

In October 2021, Vortex Energy, a subsidiary of EFG Hermes, agreed to invest $721m in Ignis to fuel its growth.