Germany-based Norddeutsche Landesbank has announced it is providing around €35 million (US$46.7 million) in financing for a 29.1MW solar park developed by German PV developers, SRU Solar and Parabel.
As part of the financing deal, the bank has taken over the structuring and arranging of the financing for the solar park. It will provide a long-term loan and a refinancing loan from KFW Group’s renewable energy programme. The contracts were signed by all parties involved in December.
The solar park was completed in just six weeks at the end of September and covers an area of around 100 hectares in between the German cities of Eisleben and Wimmelburg. When completion was announced in October, the companies said that the project required a total investment of €40 million.
The project is equipped with more than 120,000 polycrystalline modules supplied by Trina Solar and 1,400 inverters provided by Siemens and Danfoss. The companies believe that the PV plant is one of the largest solar projects in eastern Germany.