Tesseract Holdings, a subsidiary of Aquila European Renewables Income Fund (AERIF), has secured a €40 million ($48 million) revolving credit facility (RCF).
The RCF will be used to help fund Aquila’s pipeline of opportunities. Lenders under the RCF included ING Bank N.V. and The Royal Bank of Scotland International.
“The RCF will provide significant flexibility for the company to fund its growth in a capital efficient manner going forward,” said Ian Nolan, chairman of Aquila. “We believe the RCF is a further endorsement of the company's asset portfolio and success in deploying capital since the IPO.”
Aquila said the RCF also includes options that allow the company to upsize the facility limit up to €100 million ($120 million), as well as extend the facility by an additional two years.
