S.A.G. Solarstrom has concluded the long-term financing of its 13.6MWp project located in Stribro, Czech Republic, with the Bayern LB and the LBBW via the project company Solar Stribro. The company will pay the loan on June 30 in the amount of €30.4 million. The sales negotiations for the project, with a total investment volume of over €60 million, are also nearing completion.
The installation, located at a former military base in Stribro in the district of Pilsen, is the largest completed ground-mounted photovoltaic project in the Czech Republic to date. Bayern LB and the LBBW are financing it in equal shares with 642.4 million Czech crowns each (amounts to approximately €25 million). The long-term loan will repay the bridging loan totalling 790 million Czech crowns (around €30.4 million) and granted in three portions.
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“The bridging loan, arranged by youmex, Frankfurt, and the long-term financing that has now been concluded by S.A.G. have now provided us with the time leeway we need to sell this valuable project at an appropriate price, without finding ourselves under pressure to sell,” said Karl Kuhlmann, CEO of S.A.G. Solarstrom.
“The conclusion of a financing transaction of this magnitude very clearly underscores the trust of the banks in the high quality of the project and in the reliability of S.A.G. Solarstrom. We have thus demonstrated that we are capable of obtaining outside capital, even in the face of difficult market conditions,” continues Kuhlmann. “We will use the funds that will be freed up after the project has been sold for the preliminary financing of other major projects in Germany and Italy, in order to implement our growth in 2010 as planned.”