Independent power producer (IPP) Enerparc has secured a €266 million (US$290 million) financing package for the construction and operation of a 400MW solar PV portfolio in Germany.
As they reach the ready-to-build stage, the ground-mounted solar PV assets in the portfolio are expected to be rolled out over a 24-month period.
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The financing agreement includes a €216 million senior secured project finance framework facility, along with a €50 million revolving credit facility. German financing bank LBBW provided the facility.
“With a duration of 24 years, the long-term facility will offer the possibility of combining revenue sources – including feed-in-tariffs, through the Renewable Energy Act (EEG), and power purchase agreements (PPAs) – for the solar PV portfolio.”
Marco Langone, head of finance at Enerparc, said: “By securing flexible funding, we can construct projects with diverse revenue models, including EEG-backed assets, and unsubsidised PPA-backed solar projects.”
Through its own portfolio and engineering, procurement and construction (EPC) contracts it provides, the company has added more than 4.7GW of solar PV capacity to the grid globally. Around 3.5GW of this total comes from the company’s own portfolio. It is present in 25 countries with over 600 projects built, most of which is based in Germany, where it has installed more than 3.5GW of PV capacity.
On top of developing its own portfolio and providing EPC services, Enerparc also is an operations and management (O&M) service provider.
Enerparc targets to develop 10GW of solar PV capacity for its own portfolio and a further 10GW for third-party solar projects by 2030.
