ENCAVIS successfully closed a project financing in the amount of approx. EUR 61 million for its German solar park in Borrentin (114 megawatts)

Corporate News


ENCAVIS successfully closed a project financing in the amount of approx. EUR 61 million for its German solar park in Borrentin (114 megawatts)

Hamburg, 10September 2024 – Hamburg-based wind and solar park operator Encavis AG, listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) has signed a non-recourse project financing agreement in a total amount of EUR 60.7 million for its solar plant Lindenhof (Borrentin). The transaction has been structured, arranged, and managed by Encavis' inhouse Project Finance team.

The plant, located in Borrentin (south of Demmin, Mecklenburg-Western Pomerania), is nearing completion of construction, which is expected at the end of September 2024. Once operational, the plant will produce 121 gigawatt hours (GWh) electricity per year and contribute significantly to the German energy transition. With a generation capacity of 114.2 megawatts (MW), the Borrentin project is the largest solar plant owned by Encavis AG in Germany and the 3^rd largest solar plant of Encavis AG’s own capacities. Nearly 74% of the annual electricity production for this project is fixed by a long-term Power Purchase Agreement (PPA) for a term of ten years with a corporate offtaker.

The financing is provided by Bayerische Landesbank, a long-standing financing partner of ENCAVIS for years, and thereby supporting the Groups’s future growth strategy.

“We are glad to have placed this project financing in the bank market with one of our strategic bank partners after a comprehensive selection process amongst the approached institutions. Having our ambition of 7 gigawatt (GW) installed capacity by year-end 2027 in mind and many project financings ahead this is another example of how important it is for us to have this experienced and professional in-house project financing team”, welcomes Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, this successful financing.“

In total, the financing includes EUR 46.8 million Term Loan Facilities, EUR 2.75m VAT Facility as well as EUR 11.1 million Letter of Credit Facilities.

About ENCAVIS:
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO₂ per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.2 GW of capacity under construction, of which around 900 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating. 

Additional information can be found at www.encavis.com 

Kontakt:
ENCAVIS AG       
Dr. Oliver Prüfer       
Press Officer & Manager Public Relations    
Tel.: + 49 (0)40 37 85 62 133     
E-Mail: oliver.pruefer@encavis.com 
http://www.encavis.com