Renewable energy news websites have reported that Austrian company CLEEN Energy AG is working to obtain around EUR 7 million in fresh capital for financing the development of PV projects. CLEEN provides a wide range of equipment and technological solutions including LED lighting, energy storage, and electric mobility. The company is based in the Austrian town of Haag and listed on the Vienna Stock Exchange.

Just earlier, CLEEN managed to raise EUR 5 million through private placement of shares at EUR 12 per share. The company also said that it will issue additional shares worth up to EUR 2 million because of the strong interest from buyers.

CLEEN will use the fresh capital that it has secured in the recent period to fund the development of PV projects in Germany, Croatia, Italy, Bulgaria, and the UAE. The company said it now has a three-year project development pipeline with a total value of around EUR 184 million. Without mentioning specifics, the company told Austrian news outlets that it has captured several major project contracts in Dubai.

The company’s mid-term goal is to set up and operate a PV generation capacity of 300MWp by 2024. The company estimates that such portfolio will provide an annual revenue of EUR 31.5 million, though the calculation is based on the current market price. The company also estimates that the PV projects that it completed and put into operation in 2021 will provide an annual revenue of up to EUR 3.6 million for 2022.