ENERPARC AG has once again gained the private bank Berenberg as a partner for the unitranche financing of two photovoltaic portfolios in Germany. The Berenberg Green Energy Debt Funds advised by Berenberg will take over the entire interim financing from the late-stage project development phase of a total of 13 solar projects with a total capacity of 221 MWp, divided into two portfolios.
The 13 projects in the financed portfolios with capacities of between 5 and 37 MWp are located in Schleswig-Holstein, Mecklenburg-Western Pomerania, Lower Saxony and Saarland. While three of the projects are already under construction, the remaining ten are still in various stages of the approval and development phase. The solar parks are scheduled to be commissioned successively in 2025. They will be able to cover the annual electricity requirements of over 62,000 households and thus save around 150 tons of CO2 per year.
The interim financing will also be used for the purchasing process and the procurement of equipment and critical components, which will be initiated before construction is ready. This allows ENERPARC to drive projects forward in parallel with the late development phase and avoid potential liquidity bottlenecks. The loan will be replaced by long-term financing as planned after the start of the operating phase. Financial close took place at the end of March and end of June 2024.
Georgios Vassiliou, Team Lead Project Finance at ENERPARC AG: "With Berenberg, we have a reliable partner at our side that we need for the fast and successful implementation of our projects. After several joint transactions, our deal team is very well-rehearsed, so that the financial close was even faster and more efficient. The transaction also enabled us to secure the components required for the solar parks at an early stage, thereby minimizing price risks."
Torsten Heidemann, Head of Infrastructure & Energy at Berenberg: "We are very pleased that we were able to conclude two further financings with ENERPARC. With our flexible transitional financing also for more complex, bundled project portfolios, we also enable ENERPARC to aggregate relevant portfolio sizes for long-term financiers, to coordinate the optimal timing of long-term financing and to be able to build and commission the plants in the meantime. The professional, fast and creative cooperation on both sides is an enrichment for us. We are delighted to be able to support ENERPARC's success story."
About ENERPARC AG:
The international specialist for solar power plants in the megawatt segment is active as a developer, constructor, operator and investor of large-scale solar power plants. Founded in Hamburg in 2008, the company now employs over 600 people and is active in Spain, France, Portugal, India and Australia in addition to its core market of Germany. In recent years, ENERPARC has successfully connected more than 650 solar plants with an output of over 4,500 MW to the grid worldwide - around 3,500 MW of which are its own solar power plants - and has become one of the largest independent power producers for solar energy in Europe. ENERPARC's goal is to develop a total of 10 GW of PV systems for its own portfolio and a further 10 GW for third-party solar portfolios worldwide by 2030.
About Berenberg:
Berenberg was founded in 1590 and is today one of Europe's leading private banks with its Wealth and Asset Management, Investment Bank and Corporate Banking divisions. The Hamburg-based bank is managed by personally liable partners and has a strong presence in the financial centers of Frankfurt, London and New York. The Infrastructure & Energy division, which is part of Corporate Banking, advises clients and investors on all transaction, financing and project-related issues. Germany's oldest private bank has already launched five green energy debt funds for professional investors with a total volume of over one billion euros. The funds finance renewable energy plants worldwide in the form of junior debt or as so-called senior secured unit tranches. At the same time, they contribute to the global energy transition and thus make an important contribution to society and the environment.