Masdar gets project financing for 11.7-MW solar plant in Germany

Jul 19, 2013 - Abu Dhabi's renewables developer Masdar said on Thursday it had obtained a 17-year loan for its 11.7-MW solar farm in central Germany.

The non-recourse project loan, the value of which was not disclosed, was secured by Masdar's thin-film photovoltaic (PV) modules division in Germany -- Masdar PV GmbH. It was provided by a group of lenders led by Ostsaechsische Sparkasse Dresden and the Sparkasse Gotha. The other lenders in the consortium were Sparkasse Jena and Sparkasse Mittelsachsen.

The solar power installation, situated near Masdar's production plants in Germany's state of Thuringia, generates 10.8 million kWh of power a year, enough to supply about 3,400 homes. It is also estimated to mitigate about 6,400 tonnes of carbon dioxide (CO2) emissions annually, the developer said.

Earlier this month Gulf News wrote that Masdar would construct a 200-MW wind park in Egypt as part of its long-term investment plan.

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