Encavis locks debt for 105-MWp Dutch solar duo
- German solar and wind farm operator Encavis AG (ETR: ECV) has sealed a debt funding manage Dutch Rabobank to money a portfolio of solar parks in the Netherlands totalling 105 MWp.
The Dutch lending institution has actually expanded non-recourse project financing of around EUR 32 million (USD 31.3 m) to Encavis, the German developer said on Thursday. It will allocate the fresh funds for the 34-MW Svinningegarden solar park in the northwest of Zealand as well as the 71-MWp Rodby Fjord plant in the southwest of the island.
The credit facility expires on June 30, 2040. Its main component is a term center fully secured by means of a rates of interest swap and a cross-currency swap over the entire regard to the contract. The financing was structured and arranged inside by Encavis.
Talking about the transaction, Encavis' CFO Christoph Husmann kept in mind that the bargain offers the firm with extra resources for more financial investments that will support its development approach.
Encavis purchased the duo of solar parks at the end of last year from designer European Energy A/S. Both of them create electricity under long-term power acquisition contracts (PPAs) with "widely known innovation companies." The Rodby Fjord photovoltaic (PV) farm additionally has in place a feed-in tariff (FiT) contract with the government for 20 years. The Svinningegarden center was developed without state subsidies.
