Sweden’s Baseload Capital is charging € 25 million to accelerate the delivery of geothermal asset projects
If you have not noticed or noticed the hockey club’s curve on your latest electricity bill, the energy cost is skyrocketing. Partly due to rising demand from a world emerging from a pandemic, and combined with the actions of a Russian thug suffering from a serious inferiority complex, consumers are starting to feel the pinch of their wallets, and ambitious alternative energy suppliers are jumping on the bandwagon.
As we saw last week with the Berlin-based Zolar series C-round of 100 million euros, which aims entirely to put the power from solar energy in the hands of more and more private customers, supports Sweden’s geothermal project Baseload Capital steps up to the plate.
Announced this morning that the Swedes have signed a convertible loan of 25 million euros with British SDCL Energy Efficiency Income Trust plc (SEEIT) which will see a refinancing of Baseloads “operational assets and assets in construction or late development and to finance future pipeline projects”. The facility has a term of 10 years, after each withdrawal, and the funds become eligible when the bond is redeemed.
This means that the company does not wait for the prices of traditional energy (gas and oil) to skyrocket slightly before taking advantage of its geothermal energy commitments in Iceland, Taiwan, Japan and the USA.
“We are extremely pleased because this facility enables Baseload to roll out projects faster and provide project financing for assets under development and construction,” commented Baseload CEO Alexander Helling. “It is optimally structured for a company like Baseload with a portfolio of geothermal assets in different development phases. SEEIT is an esteemed investment company listed on the London Stock Exchange and a component of the FTSE 250 with a strong focus on sustainability and ESG. ”