Project Finance Brief Enerparc Sells 193 MW Solar Portfolio in Australia

AMPYR Solar Europe, an independent solar power producer, secured €200 million (~$215 million) project finance facility with Rabobank to construct and operate 350 MW of solar PV projects across Europe. The facility will be drawn immediately to finance three Solar PV assets in the Netherlands, with more to follow later this year.

The first three sites to be constructed will be in the communities of Echt-Susteren, Tinte, and Venray in the Netherlands. Construction activities are due to begin shortly, with the Commercial Operation Date (“COD”) for all three assets expected by Q1 2024.

Law firm Osborne Clarke provided legal support to AMPYR Solar Europe, whilst Rabobank was represented by Clifford Chance.

Dhruv Menon, AMPYR Solar Europe’s Chief Financial Officer, said: “It is very important for us to find a partner like Rabobank. We need a leading player in the project finance market who is also sensitive to the needs of the local communities taking part in the green energy transition. Rabobank’s unique global-yet-local footprint has allowed us to provide bespoke partnership solutions to local communities and local energy corporations.”

Rabobank was represented by Pieter Plantinga, Executive Director of Project Finance, during the process. He said: “This was a unique structuring effort together with AMPYR Solar Europe. The financing allows AMPYR Solar Europe to build a portfolio of fully owned projects combined with projects with community participation. This fits well with the ambitions of Rabobank as it enables the local communities to have a stake in driving the energy transition.”

According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, recently secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.