Italian solar project developer Enertronica Spa has announced that its board of directors has approved the issuance of €16 million convertible bond.

The bond, which will be placed through a private placement in September, has a designated year of maturity of 2022. Enertronica said it will use the proceeds from the bond issuance to support its internationalization strategy, especially in South Africa and the U.S., to relaunch Elettronica Santerno, the Italian inverter manufacturer it acquired last year, and to acquire new PV assets to operate under the BuiltOperate and Transfer modality.

Furthermore, the company has anticipated that its revenue for the first six months of this year has reached €46 million, and that its Ebit for the period was €1.4 million.

Enertronica sold two PV plants totaling 12 MW under construction in Namibia in early July. The company, however, retained both EPC and subsequent O&M of the assets. The company said the two facilities were sold for about €2 million, plus additional €14 million Euro coming from EPC contracts. The projects were sold as a package bundled with bank facilities or binding funding agreements.

Enetronica acquired a 51% stake in Elettronica Santerno from Italian industrial conglomerate Carraro Group in November 2016. The company acquired the controlling interest through the subscription of a capital increase in cash totaling €2.25 million ($2.40 million). According to Carraro’s 2016 financial results, Elettronica Santerno closed 2016 with total turnover of €36.1 million ($38.5 million), an increase of 2.8% compared to €35.2 million ($37.5 million) in 2015. Last year’s results, however, do not include the month of December.