Encavis finishes funding for Danish solar farms
- Both assets have actually an integrated capacity of 105MWp
Hamburg-based wind and also solar driver Encavis has actually concluded non-recourse project funding on two Danish solar farms.
The projects are based in Svinningegarden in the north-western part of Zealand with a generation capacity of 34MWp and also Rodby Fjord on Lolland in the south-western part of Zealand, which has a generation capacity of 71MWp.
Encavis AG got both parks from European Energy at the end of 2021. They create electricity with long-lasting power purchase agreements (PPAs) with widely known modern technology companies.
Rodby Fjord likewise gains from a feed-in tariff (FiT) fixed for twenty years by the Danish Ministry of Energy, Supply and Climate.
The funding of around EUR32m was supplied by Rabobank, which is the first to conclude a joint deal with Encavis AG in Denmark. The financing ends on the 30th of June 2040 as well as was structured and also organized internally by Encavis AG.
The main component of the financing is a term center that is fully secured over the entire term of the lending through rate of interest swaps and cross currency swaps.
"We are really delighted that we were able to achieve eye-catching problems within the structure of this financing with Rabobank which we currently have extra funds available for further investments as part of our expansion objectives," said Dr Christoph Husmann, CFO of Encavis AG.
