Alternative investment platform Beka Credit has announced the first close of its Alameda fund, a €200m (£176m) renewable debt strategy focused on financing solutions for small and medium-sized sustainable energy projects in Spain.
The fund is supported by a senior facility by asset manager Pollen Street Capital and has an equity capital base from Spanish institutional investors.
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“Alameda is being launched at the right moment of the energy cycle to capture asymmetric risk-adjusted returns at a senior level of the project capital structure”, said Miguel del Rio, fund manager of the Alameda fund.
The fund focuses on financing the construction and commissioning of small and medium-sized renewable energy projects, including solar photovoltaic and wind, in Spain with ready-to-build status. Alameda’s debut investment is a €30m loan to finance a 60 MW photovoltaic plant, with a pipeline of projects in place of further 350 MW.
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“Beka Credit, through the launch of Alameda, is addressing an important gap in financing for small and medium-sized renewable energy projects in Spain,” said Connor Marshall-Mckie, investment director at Pollen Street.
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