Borrowing base facility to fund further development activities
Vienna, 08/05/2024
Kommunalkredit Austria AG (Kommunalkredit) acted as Mandated Lead Arranger (MLA) for WElink Group (WElink), providing a EUR 20m borrowing base facility for a 1.6 GW pre-ready-to-build (RTB) battery-energy storage-systems (BESS) portfolio in Italy.
The BESS portfolio comprises twelve plants across Italy, with four projects already acquired and the balance under development contract for near-term acquisition.
“Battery energy storage systems will play a pivotal role in the energy turnaround. Through storing excess renewable energy for times of higher demand, they are smoothing out fluctuations and ensure stability & reliability of the grid. Therefore, we are proud to have supported WElink, and together with their experienced team, we are driving the transition to a more sustainable energy future”, said Kommunalkredit CEO Bernd Fislage.
“This borrowing base facility will enable WElink to further expand its BESS portfolio in Italy and deliver critical infrastructure to a core market. This facility further extends the funding relationship that we have with Kommunalkredit, and it is very rewarding to be engaged with such a strategic funding partner, as we work in partnership to create further opportunities across the renewable energy development pathway through to operation of the projects”, said Barry O’Neill, CEO WElink Group.
