Abraxas Power Enters Loan and Royalty Agreement with RE Royalties
On November 21, 2024, Abraxas Power Corp., a leading energy transition developer, announced that its subsidiary Abraxas Power Maldinvest Ltd. entered into a loan agreement with RE Royalties Ltd., a global leader in renewable energy royalty-based financing, to receive a secured loan facility of up to $10 million to support the construction of solar projects in the Maldives.
The loan has multiple tranches, with the first tranche to be used for construction of two rooftop solar projects with a combined generation capacity of 0.77 MWDC. The projects are located at a hospital in Malé, the capital of the Maldives, and an island resort approximately 50 km north of Malé. The projects will generate revenue from power purchase agreements (“PPAs”) with the co-located businesses, which currently rely primarily on electricity produced by diesel generators. RE Royalties will receive a gross revenue royalty of 2% on the projects for the term of the PPAs.
Aird & Berlis represented Abraxas with a team led by Richard Kimel and including Rachel Silber and Isabella Spiliakos.
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BioFull bio
Richard is a creative and results-driven corporate finance lawyer. Both domestically and internationally, Richard brings his business knowledge to th...
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BioFull bio
Rachel is a skilled problem solver who leverages her in-house experience and commercial expertise to devise pragmatic solutions for clients.
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BioFull bio
Isabella summered at the firm in 2023.
