Hamburg-based private bank Berenberg has provided finance for the acquisition and construction of a 41MW Italian solar farm and for the acquisition of an 87MW PV plant in Chile by CCE Holding.
Both transactions will be financed by the Berenberg Green Energy Junior Debt Funds 2 and 3 together with CCE Holding and its investor Arzteversorgung Thuringen.
Berenberg acts as investment advisor to the fund.
The operational La Huella solar park is located in the Atacama Desert in Chile and was developed and constructed by the shareholders of CCE Holding.
The construction phase of the project was fully financed by Arzteversorgung Thuringen, which is also a shareholder of CCE Holding.
The construction-ready Montalto di Castro solar park is located in the Lazio region of Italy.
Construction of the project, which is divided into two sub-projects, is scheduled to start in the first quarter of this year and be completed by mid-2023.
Both solar parks provide a natural hedge for the portfolio due to the opposing summer and winter periods, said Berenberg.
CCE Holding managing directors Martin Durnberger and Jorg Menyesch said: “We are extremely pleased to have found Berenberg as a long- term and competent financing partner that fits very well with our overall international growth strategy in South America and Europe.”
Berenberg head of infrastructure and energy Torsten Heidemann said: “We are pleased to start our trustful business relationship with CCE in parallel with two projects and to enter the Chilean market together.
“For the debt funds we have launched, La Huella is the first project in South America and the Chilean market is particularly interesting for us and our investors due to its attractive PPA structures.
“In Italy, the market for photovoltaic projects such as Montalto di Castro is developing very well after the expiry of the feed-in tariff and represents an attractive target market for us. Last year, we financed six projects in Italy alone.”