Enerparc AG has announced it has secured funds to support the construction of a 400 MWp pipeline of ground-mounted solar PV projects in Germany.
The financing package includes a €216 million senior secured project finance framework facility, along with a €50 million revolving credit facility (RCF), the company said.
Based on a portfolio approach, the financing structure is designed to ‘accommodate a mix of revenue streams and ensure long-term financial sustainability for Enerparc’s solar pipeline’, it added.
It will enable the Hamburg based business to finance clusters of solar PV assets as they become ready for construction over the next 24 months, providing ‘stability and flexibility’ for the firm’s expansion. The long-term facility extends for up to 24 years.
The financing is also structured to accommodate a mix of revenue sources, such as Feed-in Tariffs (FIT) and Power Purchase Agreements (PPA).
‘A key enabler’
“This financing agreement is a key enabler for us to scale up our solar PV portfolio and contribute significantly to Germany’s energy transition,” commented Marco Langone, head of finance at Enerparc. “By securing flexible funding, we can construct projects with diverse revenue models, including EEG-backed assets, and unsubsidised PPA-backed solar projects.”
Simmons & Simmons LP acted as lender legal advisor on the deal, while Enerparc was advised on financial matters by Capcora.
Financing structure
Commenting on Capcora’s support for the deal, Alexander E. Kuhn, managing partner at Capcora, described it as a “unique” financing structure in the German PV market.
“The structure of this facility is customised to Enerparc, allowing them to draw faster due to beneficial CPs and tailored provisions. It provides the flexibility needed to optimise different revenue models in a rapidly evolving energy market,” he said. “We are grateful for their trust and appreciate the Enerparc team’s exceptional teamwork and outstanding professionalism, which have been key to the success of this financing.” Read more here.
