ENERPARC secures €266m financing package from LBBW for the construction and operation of a 400 MWp solar PV pipeline in Germany
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Issuer: Capcora GmbH
/ Key word(s): Financing
ENERPARC AG (“ENERPARC”), a leading pan-European solar developer and independent power producer (IPP), has successfully secured funds to support the construction of a 400 MWp pipeline of ground-mounted solar PV projects in Germany. The financing package includes a €216 million senior secured project finance framework facility (including ancillary facilities) and a €50 million revolving credit facility (RCF). The financing structure, based on a portfolio approach, is designed to accommodate a mix of revenue streams and ensure long-term financial sustainability for ENERPARC’s solar pipeline. Capcora acted as the sole financial advisor in this transaction. The project finance framework facility enables ENERPARC to finance clusters of solar PV assets which will be rolled into the facility over the course of 24 months as they reach ready-to-build stage. The long-term facility, extending up to 24 years, covers both the construction and operational phases, providing stability and flexibility for ENERPARC’s expansion. A key feature of the facility is its ability to accommodate a combination of revenue sources including Feed-in Tariffs (FIT) and Power Purchase Agreements (PPA). Additionally, a sizable RCF at the corporate level will enable early-stage access to funds. “This financing agreement is a key enabler for us to scale up our solar PV portfolio and contribute significantly to Germany’s energy transition,” said Marco Langone, Head of Finance at ENERPARC. “By securing flexible funding, we can construct projects with diverse revenue models, including EEG-backed assets, and unsubsidized PPA-backed solar projects.” LBBW, one of Germany’s leading project finance banks, emphasized the strategic importance of the deal. “We are pleased to support ENERPARC in expanding its renewable energy footprint in Germany. This transaction, tailored to the German market and ENERPARC's specific needs in terms of the conditions to disbursement, underscores our commitment to financing the green transition and backing experienced developers driving the shift to clean energy. We are delighted to have added value to ENERPARC, an established player in the German market, through this innovative financing.,” said Jens Heil, Managing Director and Head of Project Finance Continental Europe at LBBW. “We are proud to have supported our long-standing client ENERPARC in securing this landmark financing, which is unique in the German PV market. The structure of this facility is customized to ENERPARC, allowing them to draw faster due to beneficial CPs and tailored provisions. It provides the flexibility needed to optimize different revenue models in a rapidly evolving energy market. We are grateful for their trust and appreciate the ENERPARC team's exceptional teamwork and outstanding professionalism, which have been key to the success of this financing.”, said Alexander E. Kuhn, Managing Partner at Capcora. Simmons & Simmons LP acted as lender legal advisor on the deal, while ENERPARC was advised on financial matters by Capcora. About ENERPARC The internationally active specialist for solar power plants in the megawatt segment is active as a developer, builder, operator and investor of large-scale solar power plants. Founded in Hamburg in 2008, the company now employs over 500 people and, in addition to its core market of Germany, is also active in Spain, France, Portugal, India and Australia. In recent years, Enerparc has successfully connected more than 600 solar plants with a capacity of over 4,500 MW to the grid worldwide - 3,450 MW of it with its own solar power plants - and has risen to become one of the largest independent power producers for solar energy in Europe. By 2030, Enerparc 's goal is to develop a total of 10 GW of PV plants worldwide for its own portfolio and another 10 GW for third-party solar. About LBBW Landesbank Baden-Württemberg (LBBW) is both a mittelstand-minded universal bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. With total assets of EUR 333 billion and 10,000 employees (as of 31 Dec. 2023), LBBW is one of the largest banks in Germany. Its core activities are the business with corporate customers and the private customer business, as well as savings banks. A further focus is placed on real-estate financing as well as the customer-oriented capital market business with banks, savings banks and institutional investors. Medium-sized companies (“Mittelstand“) and retail customers in Baden-Württemberg, as well as wealth management customers, are served under the BW Bank brand. The support in opening up international markets plays an important role in addition to the expertise in innovative and complex financings. Therefore LBBW has 16 international offices in 15 countries worldwide. Specialised subsidiaries such as leasing, factoring, real estate, venture capital or asset management round out the product and service range of LBBW group. About Capcora Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.
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