ILOS Secures €450M Facility From EIG and La Caisse
ILOS Projects (ILOS) has secured an additional €450m credit facility from infrastructure investor EIG and Canadian investor La Caisse.
ILOS Projects said the increased commitment builds on deployment under the initial €250m tranche provided by EIG to support the firm’s target of developing and operating more than 2GW of solar and battery storage capacity across Europe by 2028.
Rob Johnson, managing director at EIG, and president and CIO of EIG credit management, said: “ILOS has built a platform with a clear focus on disciplined development and execution across key European power markets.
“The upsizing of this facility reflects the progress the team has made deploying capital under the initial tranche and our continued confidence in ILOS’s strategy, asset base and management team.”
Jérôme Marquis, managing director and head of private credit at La Caisse, said: “This transaction reflects our confidence in the quality of ILOS’s platform and aligns with our focus on high‑quality renewable power assets across Europe.
“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.”
Sascha Klos, chief commercial officer at ILOS, said: “ILOS has delivered significant growth since inception, and this facility increase is a testament to the strength of our platform and strategy.
“We are proud to extend our relationship with EIG while welcoming La Caisse as a new partner as we continue to scale our portfolio and strengthen our position as a leading European independent power producer platform.”
AXA IM Alts, which is now part of BNP Paribas Asset Management Alts, acquired a 60% interest in ILOS Projects last year to support the firm’s target of expanding its pan-European IPP platform.
Mona Dohle of Net Zero Investor also reports EIG and La Caisse double down on solar investments:
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.
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.
Hassan Butt of PFI also reports ILOS upsizes credit facility to €450m:
BNPP AM Alts-backed European independent power producer ILOS has upsized its structured credit facility with US-based institutional investor EIG and Canadian investment group La Caisse to €450m to develop 2GW of solar and BESS across Europe by 2028.
The upsized facility represents a €200m increase from the original tranche and will provide flexible capital for construction equity and acquisitions. ILOS said it is targeting core markets, Germany, Ireland, Italy and the UK.
The €450m holdco financing includes perimeter assets, which range from pre-ready-to-build, RTB and operational. It was said to be fully committed while revenues across the platform were backed by a contracted strategy, an Akereos representative told PFI.
AXA IM Alts, which became part of BNPP AM Alts in July, acquired a 60% stake in London-based ILOS in April last year. BNPP AM Alts has over €300bn of assets under management.
EIG has committed over €53bn to the energy sector across 425 projects or companies spanning 44 countries. La Caisse, formerly CDPQ, has over €320bn in net assets.
Akereos Capital acted as structurer and exclusive debt adviser to ILOS, while A&O Shearman was legal adviser. Milbank was legal adviser to EIG and La Caisse.
Earlier today, La Caisse issued a press release stating that it and EIG helped ILOS upsize its credit facility to €450 million:
ILOS Projects (“ILOS”), a Pan-European Independent Power Producer (IPP) supported by BNP Paribas Asset Management Alts (BNPP AM Alts), today announced the successful upsizing of its structured credit facility with EIG, a leading institutional investor in the global energy and infrastructure sectors, and La Caisse, a global investment group, for a total of €450 million.
The increased commitment builds on deployment under the initial €250 million tranche provided by EIG and reflects continued investor support for ILOS’s platform, portfolio quality, and execution capabilities. The expanded facility will support ILOS’ plans to develop and operate more than 2 GW of solar and battery storage capacity across Europe by 2028.
Intended to provide flexible capital for construction equity and the acquisition of ready-to-build assets, the facility is expected to enable ILOS to advance its growth as a Pan-European IPP. ILOS will continue to focus on core markets, including Ireland, the United Kingdom, Italy, and Germany.
“ILOS has delivered significant growth since inception, and this facility increase is a testament to the strength of our platform and strategy,” said Sascha Klos, Chief Commercial Officer at ILOS. “We are proud to extend our relationship with EIG while welcoming La Caisse as a new partner as we continue to scale our portfolio and strengthen our position as a leading European IPP.”
“ILOS has built a platform with a clear focus on disciplined development and execution across key European power markets,” said Rob Johnson, Managing Director of EIG and President & CIO, EIG Credit Management. “The upsizing of this facility reflects the progress the team has made deploying capital under the initial tranche and our continued confidence in ILOS’ strategy, asset base, and management team. This investment is consistent with EIG’s approach seeking to support scalable renewable energy platforms that we believe are well positioned to meet Europe’s growing demand for reliable power infrastructure.”
“This transaction reflects our confidence in the quality of ILOS’ platform and aligns with our focus on high quality renewable power assets across Europe,” added 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.”
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.
About ILOS
ILOS is an emerging Independent Power Producer (IPP) dedicated to accelerating the transition towards a low-carbon energy system through the development, construction, and operation of photovoltaic projects across Europe. As a strategic platform of BNP Paribas Asset Management Alts, a global leader in alternative investments with €300 billion of assets under management, and Europe’s leading alternatives asset manager with a strong track record in infrastructure investment and a 60% majority shareholder in ILOS, the company benefits from long-term capital, deep sector expertise, and a disciplined investment approach.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $25.4 billion assets under management as of December 31, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $53.4 billion to the energy sector through 425 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About La Caisse
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, we’re active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, La Caisse’s net assets totalled $517 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.
This announcement shouldn't surprise anyone but let's go through it together.
First, ILOS is ramping up its operations in Europe very nicely.
Rob Johnson, Managing Director of EIG and President & CIO, EIG Credit Management states this:
“ILOS has built a platform with a clear focus on disciplined development and execution across key European power markets. The upsizing of this facility reflects the progress the team has made deploying capital under the initial tranche and our continued confidence in ILOS’ strategy, asset base, and management team. This investment is consistent with EIG’s approach seeking to support scalable renewable energy platforms that we believe are well positioned to meet Europe’s growing demand for reliable power infrastructure.”
That initial tranche was €250 million and was deployed relatively quickly, so EIG went back to la Caisse and asked them if they wanted to re-up, which they did.
As far as La Caisse is concerned, these are the type of private credit deals it really likes, co-investing alongside a top strategic partner in renewable infrastructure platform in Europe that is growing very nicely.
As Jérôme Marquis, Managing Director and Head of Private Credit, La Caisse states:
“This transaction reflects our confidence in the quality of ILOS’ platform and aligns with our focus on high quality renewable power assets across Europe. 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.”
Europe desperately needs energy, all sources of energy, and the focus there has been on renewable energy.
The environment for renewable energy has cooled in the US under the Trump administration, but in Europe, it remains vibrant.
And ILOS and other platforms similar to it are part to help European countries meet their growing need for energy.
So, all this to say no institutional investor should be surprised ILOS is upsizing its credit facility to €450m and that its source of capital is once again EIG and La Caisse.
Moreover, if this second tranche goes well, I wouldn't be surprised if a third one will follow.
La Caisse has stated it wants to double its allocation to private credit over the next four years and these are the type of deals that will help it attain its target.
And needless to say, these are also the type of deals that fit well into their sustainable investing activities, which I discussed here last week.
Below, Soleire Renewable Holdings Ltd., founded in 2014, has partnered with ILOS Energy, a pioneering German company founded in 2018 that has become an independent power producer focused on solar PV projects across Europe.
The partnership of Soleire Renewables and ILOS Energy combined has over 100 employees and up to 70 subcontractors for the development phase, increasing to several hundred during the construction phase.
Listen carefully, very impressive platform with an incredible pipeline looking to meet the growing needs of data centers and other corporate and public projects like the grid.
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