Iona Capital has closed a debt financing on behalf of greenfield fund Iona Environmental Infrastructure LP (IEILP), garnering the support of pension fund investors in the United Kingdom.
Iona engaged Investec as exclusive financial adviser to structure, arrange and syndicate up to £60 million ($74 million) of senior secured term facilities. Allied Irish Bank (AIB) and Banco de Sabadell were also selected as mandated lead arrangers.
“It is a testament to the resilience of the underlying assets and the commitment of everyone working on the project that the debt financing was completed in such challenging market conditions,” said Nick Ross, founder of Iona Capital. “It is also a significant milestone for Iona and a firm endorsement of our investment strategy in the low carbon sector.”
Launched in 2012, IEILP has invested in an operational portfolio of 11 anaerobic digestion renewable energy assets in the United Kingdom.
The investors’ funds were d
