ENCAVIS has closed a project financing of EUR 61 million (USD 67 million) for its 114MW solar park located in Borrentin (south of Demmin, Mecklenburg-Western Pomerania), Germany.
Hamburg-based wind and solar park operator Encavis AG, has signed a non-recourse project financing agreement of EUR 60.7 million (USD 67 million) provided by Bayerische Landesbank for its solar plant Lindenhof (Borrentin). The plant is nearing completion of construction, which is expected at the end of September 2024. Once operational, the plant will produce 121 GWh of electricity per year. Nearly 74% of the annual electricity production for this project is fixed by a long-term Power Purchase Agreement (PPA) for a term of ten years with a corporate off-taker.
In total, the financing includes EUR 46.8 million (US$ 51.6 million) Term Loan Facilities, EUR 2.75 million (US$ 3 million) VAT Facility as well as EUR 11.1 million (US$ 12 million) Letter of Credit Facilities.
