ENERPARC, Commerzbank and Landesbank Baden-Württemberg have concluded a €257m transaction to refinance a 315MW photovoltaic portfolio in Germany.
The finances of the transaction were provided as a syndicated loan for Enerparc Solar Service Holding 2, a company of the ENERPARC, by Commerzbank AG and Landesbank Baden-Württemberg in equal parts.
The loan serves to redeem and refinance existing loans for the solar park portfolio, which is made up of existing operational plants run by ENERPARC.
The transaction is considered one of the largest portfolio financings of solar parks in Germany to date, according to ENERPARC.
ENERPARC was supported by Eight Advisory as financial and tax advisor.
Commerzbank AG and Landesbank Baden-Württemberg were advised on all legal aspects by the law firm Simmons and Simmons LLP.
ENERPARC CEO and board chairman Christoph Koeppen: “The 2023 amendment to the Renewable Energy Sources Act (EEG), which has just been approved by the German parliament, provides for a photovoltaic expansion path of 215 gigawatts by 2030.
“As ENERPARC, we ourselves are pursuing the goal of expanding our portfolio in Europe to over 5 gigawatts by 2026.
“Transactions such as this are therefore particularly important in order to create the means to move a step closer to both our goal and that of the German government.
“This project also shows that the energy transition only works if all stakeholders work well together.”
Commerzbank head of renewable energies Tim Koenemann said: “A transaction of this magnitude concretely underlines our strategy for Commerzbank’s renewable energy portfolio, which is geared towards strong growth.
“It is also an expression of our long-standing and trusting cooperation with ENERPARC AG.”
Landesbank Baden-Württemberg head of infrastructure and transport finance Thomas Schulz said: “Sustainability has been one of our strategic thrusts for years.
“Financing projects in the field of renewable energies and the associated infrastructure is a key business area for LBBW.
“Here, we support our customers with our extensive expertise and thus create scope for them to successfully realize sustainable projects for the implementation of the energy turnaround.”