Private investment company APL Europe has closed a financing transaction with MEAG, the asset manager of Munich Re and ERGO, to develop one of the largest solar parks in Europe.
The financing enables APL Europe to develop up to 480 megawatts of solar photovoltaic assets, which is expected to generate enough electricity to meet the average electricity consumption of around 225,000 Portuguese citizens. The project is located near Evora, Portugal, and is expected to be operational by 2028.
“Securing the financing by MEAG enables us to immediately kick off the development phase,” said Peng Zhang, managing director of APL Europe. “The investment will support our strategy of growing our portfolio, especially in the renewables sector. In addition, the project is perfectly in line with the European energy transition and the ultimate target of becoming climate-neutral by 2050.”
The financing was organized as a nonrecourse bond issuance on Interbolsa, Portugal’s