ENERPARC refinances 315MW solar portfolio
- The German developer has actually finalised a EUR257m deal with Commerzbank and also Landesbank Baden-Württemberg
ENERPARC, Commerzbank and also Landesbank Baden-Württemberg have actually ended a EUR257m transaction to refinance a 315MW solar portfolio in Germany.
The financial resources of the transaction were provided as a syndicated car loan for Enerparc Solar Service Holding 2, a business of the ENERPARC, by Commerzbank AG as well as Landesbank Baden-Württemberg in equal parts.
The finance offers to retrieve and also refinance existing finances for the solar park portfolio, which is comprised of existing functional plants run by ENERPARC.
The transaction is taken into consideration one of the largest portfolio financings of solar parks in Germany to date, according to ENERPARC.
ENERPARC was supported by Eight Advisory as monetary and tax obligation advisor.
Commerzbank AG and Landesbank Baden-Württemberg were recommended on all lawful aspects by the law firm Simmons and Simmons LLP.
ENERPARC chief executive officer and also board chairman Christoph Koeppen: "The 2023 amendment to the Renewable Energy Sources Act (EEG), which has actually simply been approved by the German parliament, provides for a solar growth path of 215 gigawatts by 2030.
" As ENERPARC, we ourselves are going after the goal of broadening our portfolio in Europe to over 5 gigawatts by 2026.
" Deals such as this are consequently especially essential in order to create the methods to move a step closer to both our goal which of the German federal government.
" This project likewise reveals that the power shift just works if all stakeholders work well with each other."
Commerzbank head of renewable energies Tim Koenemann said: "A transaction of this magnitude concretely underlines our method for Commerzbank's renewable energy portfolio, which is geared in the direction of solid development.
" It is additionally an expression of our long-standing as well as trusting participation with ENERPARC AG."
Landesbank Baden-Württemberg head of facilities and also transportation finance Thomas Schulz said: "Sustainability has been among our critical thrusts for years.
" Funding projects in the field of renewable energies and the associated framework is a key business area for LBBW.
" Here, we support our consumers with our considerable experience and hence develop scope for them to effectively realize sustainable projects for the implementation of the energy turn-around."