ENERPARC AG and the private bank Berenberg agreed on the financing of a photovoltaic portfolio in Germany. ENERPARC receives a unitranche financing for the construction and operation of six solar projects with a total capacity of 69 MWp provided by the Berenberg managed Berenberg Green Energy Debt Funds. Berenberg is acting as the investment advisor of the funds. Financial close was reached end of March 2023.
The financed portfolio consists of six photovoltaic projects with a capacity of 5 MWp to 28 MWp which are 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.
In the beginning, the solar parks will sell the produced electricity via the stock market. ENERPARC keeps the right to distribute the electricity via a power purchase agreement (PPA) in the future but is not obliged to do so. One specialty of the transaction is that one of the projects includes a on-site battery storage system.
Marco Langone, Head of Finance of ENERPARC AG says: “Together with Berenberg we took new paths in the financing. Since we primarily worked together with banks in the past, we increasingly appreciate the cooperation with debt funds. The financing gives us the opportunity to bridge the construction without entering a PPA. The flexibility in the choice of the final offtaker as well as of the long-term financing is a huge advantage in the times of 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 a long-term financing. The realisation of the financing was achieved in a short time frame, similar to the first transaction, and in a highly professional cooperation.”