Hamburg-based wind and solar operator Encavis has concluded non-recourse project financing on two Danish solar farms. The projects are based in Svinningegarden in the north-western part of Zealand with a generation capacity of 34MWp and Rodby Fjord on Lolland in the south-western part of Zealand, which has a generation capacity of 71MWp. Encavis AG acquired the two parks from European Energy at the end of 2021. They produce electricity through long-term power purchase agreements (PPAs) with well-known technology companies. Rodby Fjord also benefits from a feed-in tariff (FiT) fixed for 20 years by the Danish Ministry of Energy, Supply and Climate.
The financing of around €32m was provided by Rabobank, which is the first to conclude a joint transaction with Encavis AG in Denmark. The financing ends on the 30th of June 2040 and was structured and arranged internally by Encavis AG. The main component of the financing is a term facility that is fully secured over the entire term of the loan by means of interest rate swaps and cross currency swaps. “We are very pleased that we were able to achieve attractive conditions within the framework of this financing with Rabobank and that we now have additional financial resources available for further investments as part of our expansion goals,” said Dr Christoph Husmann, CFO of Encavis AG.
Credits: renews.biz [Image: Pixabay]