Enerparc, a solar project developer, secured financing for constructing 69 MW of solar portfolio in Germany. The company received a unitranche financing for the construction and operation of six solar projects with a total capacity of 69 MW provided by the Berenberg-managed Berenberg Green Energy Debt Funds. Berenberg is acting as the investment advisor of the funds.
The portfolio consists of six photovoltaic projects with a capacity of 5 MW to 28 MW located in Mecklenburg, Western Pomerania, Brandenburg, and Saxony. The projects are in different stages of the construction phase but will reach commercial operation by the end of 2023.
Marco Langone, Head of Finance of ENERPARC AG, says: “Together with Berenberg, we took new paths in the financing. Since we primarily worked with banks in the past, we increasingly appreciate cooperation with debt funds. The financing allows us to bridge the construction without entering a PPA. The flexibility in the choice of the final offtake and the long-term financing is a huge advantage in volatile electricity prices and interest rates.”
Torsten Heidemann, Head of Infrastructure & Energy of Berenberg, adds: “We are very happy that we already closed the second financing with ENERPARC within a short time frame. Especially our flexible bridge financings allow ENERPARC to build and commission the parks while choosing the perfect timing to enter into a PPA or long-term financing. The realization of the financing was achieved in a short time frame, similar to the first transaction, and in highly professional cooperation.”
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. BayWa r.e., a utility-scale solar project developer, recently secured a $115 million credit facility from Nomura to support the development of utility-scale solar and solar+storage projects as it continues to grow its footprint in the U.S. clean energy market.