Europe-based ILOS Energy has secured a €500 million (~$532.1 million) structured credit facility for generating over 2 GW of power through solar and battery storage projects until 2026.

Sponsored by private equity and infrastructure investor Omnes, the power producer inked a pact for the loan with global institutional investor EIG.

The loan will provide construction equity and acquisition capital for ready-to-build assets and help ILOS to become an independent power producer.

The facility includes an initial tranche of €250 million and comprises an accordion that would increase the loan by another €250 million (~$266 million).

To begin with, ILOS will focus on projects in Ireland, the Netherlands, the United Kingdom, Greece, and Italy. The facility further considers deploying more capital in other OECD (Organisation for Economic Co-operation and Development) jurisdictions and in co-located battery storage and hydrogen.

Omnes Venture ILOS Projects was established in Europe to focus on the development of photovoltaics.

EIG specializes in private investments in energy and energy-related infrastructure globally. It has committed over $44.5 billion to the energy sector through 393 projects or companies in 42 countries on six continents.

Partner at Omnes Michael Pollan said, “ILOS has seen tremendous growth over the last two years. We are proud to continue supporting the company as it works toward this ambitious IPP project. We also look forward to partnering with EIG, a leader in the energy infrastructure sector that shares our common values and strategic view.”

Managing Director and Global Head of Direct Lending at EIG Rob Johnson said, “This transaction is a testament to our confidence in the management team, their strategy, and ILOS’ sponsors, and it underscores EIG’s commitment to investing in high-quality assets and energy infrastructure that support a low-carbon future.”

Earlier this year, global investment company Eurazeo announced the acquisition of an 80% equity interest in Ikaros Solar, a Belgian solar PV company, from its founders and Capenergi 2, a fund managed by Omnes Capital.

In May 2021, ERG Eolienne France’s subsidiary signed an agreement with FPCI Capernergie 3, which is a fund managed by Omnes, to acquire a 100% stake in Omniwatt, a French firm that owns a portfolio including five wind farms for a total of 58 MW and two solar projects for a total of 22 MW.