Beka Credit has strengthened its commitment to sustainable finance with the launch of Alameda Energy Fund, a €200 million debt fund (Beka Investments – AEF Feeder One) designed to provide alternative financing solutions for small and medium-scale renewable energy projects across Spain — opening up a new investment pathway within this asset class.
The fund includes a senior tranche provided by Pollen Street Capital, and an equity tranche backed by Beka Credit and leading Spanish institutional investors as anchor investors.
“Alameda is being launched at the right point in the renewable energy cycle to capture asymmetric risk-adjusted returns by providing senior debt within the capital structure of projects,” explained Miguel del Río, manager of the Alameda Fund.
According to Connor Marshall-Mckie, Principal at Pollen Street: “Through the launch of Alameda, Beka Credit is addressing a key financing gap for small and medium-scale renewable energy projects in Spain. We are pleased to support this initiative and strengthen our partnership with Beka as it continues to expand in the renewable energy sector.”
The fund’s first investment consists of a €30 million loan to finance a 60 MW photovoltaic plant, alongside a solid pipeline of projects totaling 350 MW awaiting financing.
Alameda focuses on financing the construction and commissioning of small and medium-sized renewable projects in Spain with Ready-to-Build (RTB) status. Its investment strategy supports 100% merchant projects (without PPAs, subsidies, or regulated tariffs) and covers the full renewable spectrum, including solar PV, wind, industrial self-consumption (C&I), and battery energy storage systems (BESS), among others.
“We are delighted to accelerate the development of an integrated energy vertical, leveraging Beka Credit’s strong client franchise in the renewable energy sector,” said José Corral, CEO of Beka Credit.
Beka Credit’s energy team brings extensive sector experience, with notable recent credentials such as acting as co-arranger in a €175 million financing for a major Spanish developer in Q3 2025. Each Alameda financing operation will include internal due diligence in addition to technical, legal, insurance, and financial model reviews, enabling Beka to streamline internal approval processes and reduce execution times and costs for clients.
AFRY serves as technical advisor to Beka Credit for Alameda, providing comprehensive support on curtailment analysis, energy price forecasts, and regulatory and contractual aspects. AFRY also acts as independent advisor, monitoring all Alameda projects throughout their lifecycle.
Beka Credit, S.L. is an alternative credit investment platform specializing in non-bank financing solutions. The firm has the largest credit and structuring team in Spain’s alternative finance market, with deep experience in private debt markets. Since October 2025, Beka Credit has been part of CIMD Intermoney, a leading independent financial group in Spain offering services in brokerage, asset management, securitization, energy, and consulting, with offices in Madrid, Lisbon, and Dubai.
Pollen Street is a private equity and credit asset manager founded in 2013, with a strong track record in the financial and business services sectors, aligned with the megatrends shaping the industry’s future. The firm manages over €7 billion in assets (AUM) across private equity and credit strategies, on behalf of institutional investors including pension funds, insurers, sovereign wealth funds, foundations, asset managers, banks, and family offices worldwide. Pollen Street has a team of over 90 professionals.
www.pollenstreetgroup.com
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