ENCAVIS successfully signed project refinancing agreements for Spanish solar parks Talayuela & La Cabrera of EUR 203 million
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EQS-News: ENCAVIS AG
/ Key word(s): Financing/Banking Syndicate
Corporate News ENCAVIS successfully signed project refinancing agreements for Spanish solar parks Talayuela & La Cabrera of EUR 203 million
The Talayuela plant, located in the region of Extremadura, has a generation capacity of 300 MW, while the La Cabrera plant, located in the region of Andalusia, has a generation capacity of 200 MW. Both projects are operational since end of 2020/beginning of 2021 and were one of the first European utility scale solar parks that were realised and operated without public subsidies. The energy prices for the majority of the electricity production for both projects are fixed by long-term Power Purchase Agreements (PPAs), both for a term of initially ten years. The refinancing is provided by a club of four international banks: ABN AMRO Bank N.V. (NL), Coöperatieve Rabobank U.A. (NL), Bankinter S.A. (ES), as well as NatWest Bank Europe GmbH (GER/UK). While ABN AMRO, Rabobank and Bankinter are financing partners of ENCAVIS for years, NatWest provides project financing to ENCAVIS for the first time. ENCAVIS is continuing to increase and to internationalise its universe of banking partners to finance the Groups’s future growth strategy. “This non-recourse refinancing facility is further evidence to the market that we are actively managing our existing financing exposure to optimise financing costs and to benefit from enhanced debt sizing terms as well as streamlined financing structures for the ongoing operational management. Adding NatWest to our club of banks is an additional milestone to support our Accelerated Growth Strategy 2027”, confirms Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, this successful refinancing. In total, the refinancing includes EUR 181.5 million Term Loan Facilities (hedged by interest rate swaps), as well as EUR 13 million Letter of Credit Facilities and EUR 8.5 million Debt Service Reserve Facilities.
About ENCAVIS: 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-). Additional information can be found at www.encavis.com
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07.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | ENCAVIS AG |
| Große Elbstraße 59 | |
| 22767 Hamburg | |
| Germany | |
| Phone: | +49 4037 85 62 -0 |
| Fax: | +49 4037 85 62 -129 |
| E-mail: | info@encavis.com |
| Internet: | https://www.encavis.com |
| ISIN: | DE0006095003 |
| WKN: | 609500 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1853171 |
| End of News | EQS News Service |
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1853171 07.03.2024 CET/CEST
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