London-based law firm Watson Farley & Williams (WFW) has advised Bayerische Landesbank on the €61m financing of Encavis AG’s 114MWp solar park in the federal state of Mecklenburg-Vorpommern, the developer’s largest German PV array to date.
After completion, anticipated by end November 2024, the plant is expected to make a significant contribution to the German energy transition by producing 121GWh of electricity per year, for three quarters of which a 10-year power purchase agreement with a commercial offtaker has already been concluded.
Hamburg-based Encavis operates onshore wind and solar parks in 12 European countries and the company is listed on the SDAX of Deutsche Börse AG.
The WFW Project & Structured Finance team that advised Bayerische Landesbank was led by Hamburg partner Sven Fretthold, supported by associate Finja Schmale and transaction lawyer Annika Schulz, as well as Frankfurt senior associate Alejandra Hagedorn.
Fretthold (pictured) said: “We are delighted to have once again advised our long-standing client Bayerische Landesbank on an important transaction that will make a significant contribution to Germany’s sustainable energy supply.
“This transaction underlines once more WFW’s outstanding expertise in the field of renewable energy”.