Encavis agrees refinancing for 74 MWp of Dutch solar parks

Solar panels by iamme ubeyou.

July 28 (Renewables Now) - German solar and wind farm operator Encavis AG (ETR:ECV) has secured EUR 47.7 million (USD 48.42m) from Dutch Rabobank to refinance a portfolio of solar parks in the Netherlands with a total capacity of 74 MWp.

The financing package has a maturity date of June 30, 2039 and comprises a floating rate facility of EUR 24.7 million, a fixed rate facility of EUR 18.7 million and a debt service reserve facility of EUR 4.0 million.

The inflow of liquid funds from the transaction for Encavis amounts to EUR 33 million.

The proceeds will be used for the refinancing of five solar parks that have been in operation since 2021. All of the five plants receive feed-in tariffs under the Dutch incentive scheme SDE+ for about 15 years.

Encavis noted that the transaction "optimises the structures and costs of existing project financings and benefits of an enhanced leverage ratio as well as streamlined project structures for the ongoing operational management of the portfolio".

(EUR 1 = USD 1.015)

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