ENCAVIS AG / DE0006095003
07.03.2024 - 07:04:02ENCAVIS successfully signed project refinancing agreements for Spanish solar parks Talayuela & La Cabrera of EUR 203 million
| ENCAVIS AG / Key word(s): Financing/Banking Syndicate ENCAVIS successfully signed project refinancing agreements for Spanish solar parks Talayuela & La Cabrera of EUR 203 million 07.03.2024 / 07:04 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News ENCAVIS successfully signed project refinancing agreements for Spanish solar parks Talayuela & La Cabrera of EUR 203 million Hamburg, 7th March 2024 – Hamburg-based wind and solar park operator Encavis AG, listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) has signed two non-recourse project refinancing agreements in a total amount of EUR 203 million for its operating solar plants Talayuela and La Cabrera, Spain. Both refinancing transactions have been structured, arranged, and managed by ENCAVIS' inhouse Project Finance team. The Talayuela plant, located in the region of Extremadura, has a generation capacity of 300 MW, while the La Cabrera plant, located in the region of Andalusia, has a generation capacity of 200 MW. Both projects are operational since end of 2020/beginning of 2021 and were one of the first European utility scale solar parks that were realised and operated without public subsidies. The energy prices for the majority of the electricity production for both projects are fixed by long-term Power Purchase Agreements (PPAs), both for a term of initially ten years. The refinancing is provided by a club of four international banks: ABN AMRO Bank N.V. (NL), Coöperatieve Rabobank U.A. (NL), Bankinter S.A. (ES), as well as NatWest Bank Europe GmbH (GER/UK). While ABN AMRO, Rabobank and Bankinter are financing partners of ENCAVIS for years, NatWest provides project financing to ENCAVIS for the first time. ENCAVIS is continuing to increase and to internationalise its universe of banking partners to finance the Groups’s future growth strategy. “This non-recourse refinancing facility is further evidence to the market that we are actively managing our existing financing exposure to optimise financing costs and to benefit from enhanced debt sizing terms as well as streamlined financing structures for the ongoing operational management. Adding NatWest to our club of banks is an additional milestone to support our Accelerated Growth Strategy 2027”, confirms Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, this successful refinancing. In total, the refinancing includes EUR 181.5 million Term Loan Facilities (hedged by interest rate swaps), as well as EUR 13 million Letter of Credit Facilities and EUR 8.5 million Debt Service Reserve Facilities. About ENCAVIS: The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has around 1.2 GW of capacity under construction, of which more than 800 MW are own assets. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe. ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-). Additional information can be found at www.encavis.com Contact: Encavis AG Jörg Peters Head of Corporate Communications & Investor Relations Tel.: +49 40 37 85 62 242 E-mail: joerg.peters@encavis.com http://www.encavis.com 07.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | ENCAVIS AG |
| Große Elbstraße 59 | |
| 22767 Hamburg | |
| Germany | |
| Phone: | +49 4037 85 62 -0 |
| Fax: | +49 4037 85 62 -129 |
| E-mail: | info@encavis.com |
| Internet: | https://www.encavis.com |
| ISIN: | DE0006095003 |
| WKN: | 609500 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1853171 |
| End of News | EQS News Service |
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