July 12 (Renewables Now) – Spanish renewable energy retailer and project developer Capital Energy announced on Friday that it has reached an agreement for a 140 million euros ($ 165.9 million) corporate loan with the company Madrid-based specialist credit investment advisory firm Incus Capital Advisors SA and the Ontario Teachers’ Pension Plan (OTPP) of Canada.

Capital Energy said the four years of new funding will allow it to continue to develop all lines of business as it strives to become an integrated company with a 100% focus on renewable energy.

Earlier this year, Capital Energy was considering an initial public offering (IPO), but then scrapped the plan amid a lower than expected valuation, as several of its Spanish renewable energy peers have started to advertise their own listing aspirations.

The company turned to conventional sources of finance, entering into a project finance agreement with Banco de Sabadell SA (BME: SAB) to finance the construction of a wind farm and issuing a € 50 million bond for another group of projects.

Capital Energy says its portfolio of wind and solar projects in the Iberian Peninsula is around 38 GW, including 8.7 GW backed by grid access permits.

(1.0 EUR = 1.185 USD)