EIG and Canadian pension fund La Caisse have increased their investments in a pan-European independent power producer specialising in solar energy.
La Caisse and EIG have committed €450m in financing to ILOS Projects, a BNP Paribas backed power producer specialising in the development, construction and operation of European photovoltaic projects.
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The expanded credit facility builds on an initial €250 million tranche provided by EIG and represents a significant vote of confidence in ILOS's platform quality and execution capabilities. The investment will support the development and operation of more than 2 GW of solar and battery storage capacity across Europe by 2028.
"This investment is consistent with EIG's approach seeking to support scalable renewable energy platforms that are well positioned to meet Europe's growing demand for reliable power infrastructure," said Rob Johnson, Managing Director of EIG and President & CIO, EIG Credit Management.
For La Caisse, the transaction aligns with the institution's strategic focus on high-quality renewable power assets. "This transaction reflects our confidence in the quality of ILOS' platform and aligns with our focus on high-quality renewable power assets across Europe," said Jérôme Marquis, Managing Director and Head of Private Credit, La Caisse. "By supporting the expansion of solar capacity amid rising energy demand, we are directing capital toward essential infrastructure, alongside partners with a strong track record."
The flexible capital facility is designed to support both construction equity and acquisitions of ready-to-build assets in ILOS's core markets, including Ireland, the United Kingdom, Italy, and Germany. A&O Shearman served as legal advisor and Akereos Capital as structurer and exclusive debt advisor to ILOS, while Milbank acted as legal advisor to EIG and La Caisse.
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