Encavis to back solar growth with EUR-50m Green Schuldschein
German-based solar and wind park operator Encavis AG (ETR:CAP) today said it has raised EUR 50 million (USD 58m) through a “Green Schuldschein”, or a green bonded loan, to finance solar assets.
The bond has been placed with international and national institutional investors. The Green Schuldschein classification has attracted environmental, social and governance (ESG) investors. Three separate tranches, of five, seven and 10 years, were closed at the lower end of the offered interest rate bandwidth, Encavis said.
DZ BANK AG served as Sole Arranger and Bookrunner.
A year ago, Encavis sold a EUR-97.3-million hybrid convertible bond, to be accounted for as equity capital under International Financial Reporting Standards (IFRS). The proceeds of the hybrid bond and the Green Schuldschein will mainly be used to finance the acquisition pipeline of solar parks under two strategic partnerships with Solarcentury, and with Power Capital and the Ireland Strategic Investment Fund (ISIF) with a total capacity of about 1.3 GW in the next two years.
The Encavis Group’s total capacity at present surpasses 1.5 GW.