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Renewable energy developer the Juwi Group has secured a €252 million (US$336 million) loan, calling it an “act of faith” in the sector.

Deutsche Bank, DZ Bank and Unicredit have spearheaded a 13-strong consortium of financial institutions to provide the funding that will underpin Juwi for the next three years.

“For the Juwi Group, the signing of the syndicated loan is a key financial component of the company's business," said Sascha Röber, Juwi's head of corporate finance.

“It is a visible act of faith from the financial world which cannot be valued highly enough against the backdrop of the problems of many other companies, especially in the solar sector.”

The German company has pledged to continue its spread into other overseas markets, particularly in North America.