Solarfields secures EUR 45m to fund Dutch solar project pipeline
Solarfields earlier this week announced a deal for EUR 45 million (USD 50m) in junior financing that the Dutch solar power company will use to develop its pipeline of solar projects in the Netherlands.
An innovative structure has been agreed with Rabobank Project Finance, while Voltiq, Dentons, Eversheds Sutherland, Mazars and Rebel acted as advisors. Under it, equity dividends from up to 16 underlying solar projects will be collected and used as the basis for repayment of the debt facility.
The solar projects will range between 5 MW and 130 MW in capacity. The structure makes it possible for Solarfields to add eligible projects to the financing, while also providing quick cash conversion for the company.
"With this valuable collaboration, we are taking a major step towards fulfilling our mission: providing more than 1 million households with sustainable energy before 2030," managing director Gerben Smit commented.