Spanish solar power developer Audax Renovables SA has launched the issuance of €20 million of green bonds to fund the construction of eight solar farms with a combined capacity of 40 MW.

The bonds have maturity within two years and are part of the company's up to €400 million fixed income bond program, registered in the Alternative Fixed-Income Market, according to a press release.

The solar portfolio consists of the La Zarzuela I, La Zarzuela II, La Zarzuela III and La Zarzuela IV in Toledo, Spain, and Las Alberizas I, Las Alberizas II, Las Alberizas III and Las Alberizas IV in Guadalajara, Spain.

PKF Attest Servicios Empresariales SL acted as the registered advisor, while Banco Sabadell SA as the payment agency. Haitong Bank SA and Sucursal en España are the underwriters.