- Press Releases
August 16 (Renewables Now) - German wind and solar farm operator Encavis AG (ETR:ECV) announced today it has signed a sustainable revolving credit facilities agreement for a loan of EUR 125 million (USD 147m) from a consortium led by Commerzbank AG.
The financing includes a EUR-100-million revolving hunting line for fast interim financing of the company’s investments in new wind and solar projects, and a EUR-25-million revolving credit line for working capital. The syndicated loan meets the environmental, social and governance (ESG) criteria and is classified as sustainable finance.
This is the first time Encavis signs such a deal and it has a term of three years with two extension options for a further year each, the company said.
Encavis’ CFO Christoph Husmann commented that this new credit line allows the company to accelerate the execution of its projects. “Regardless of fluctuations in the capital markets, investments of the AG can be made at short notice - an important strategic milestone in the wide range of instruments of our corporate financing,” he stated.
(EUR 1.0 = USD 1.178)