Clean energy AG, an Austrian provider of clean energy efficiency solutions, has received up to 7 million euros ($7.6 million) in new capital to fund solar photovoltaic (PV) projects in its pipelines.

The company said last week that as part of the private placement, it had raised 5 million euros by issuing shares at a price of 12 euros per share. Due to strong interest in the transaction, additional shares worth up to € 2 million will be issued.

Klein energy will use the funds to implement solar projects in Germany, Croatia, Italy, Bulgaria and the United Arab Emirates. The value of the project pipeline in the next three years is about 184 million euros.

The company, headquartered in Hagrid, Lower Austria, seeks to build a portfolio of solar power plants with a total capacity of about 300 megawatts by 2024. Based on the current electricity compensation, these assets are expected to generate an annual income of about 31.5 million euros. The plant that went into operation last year is expected to generate revenue of about 3.6 million euros in 2022. (1 euro = US $1.086)