German engineering, procurement and construction (EPC) firm Enerparc has secured bridge financing for a 325MW solar portfolio in Germany, which will include co-located battery energy storage systems (BESS).
The funding was provided by the Eiffel Investment Group, a French investment firm, and while the companies did not specify the investment provided, Enerparc noted that the funds would go towards projects that have either finished construction or will be commissioned “soon”.
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The portfolio consists of 15 projects, the smallest of which has a capacity of 6MWp, while the largest has a capacity of 39MWp.
“With the successful completion of this transaction, we have finalised the financing for an extensive portfolio,” said Marco Langone, head of finance at Enerparc. “Most importantly, we have expanded our network of financing partners by adding a new partner from the debt fund sector.
State support for renewables
The projects also received support from the German Renewable Energy Act, which came into effect in 2023, and looks to radically alter Germany’s energy mix, aiming for 80% of its energy demand to be met by solar and wind by 2030. The government will also expand the number of tenders offered for solar and wind projects until 2029, and state support has been crucial for renewable power development.
In April 2023, Enerparc commissioned its first solar-plus-storage project in Germany, which was supported by the state’s Innovation Tender programme, a government project to help commission 5.5GW of renewable and storage capacity until 2028. The company’s latest portfolio was also supported by this initiative, which has sought to make such projects more financially lucrative, or at least viable, for potential investors and developers.
This is the latest encouraging development for the German renewables sector, following last year’s announcement that a tender for ground-mounted solar systems was oversubscribed by 47%, suggesting there is significant interest in expanding capacity generation in German solar.