VSB Group agrees EUR 80m loan to back wind, solar expansion

Image by VSB Group. All Rights Reserved.

September 28 (Renewables Now) - German renewables developer VSB Group has agreed a syndicated loan of EUR 80 million (USD 93.6m) from a group led by Commerzbank AG (ETR:CBK) to finance the international expansion of its wind and solar portfolio.

The consortium, providing the loan, includes also long-term financing partners and banks already involved in the group's project companies, VSB said on Monday.

For Commerzbank, the agreement is in line with its Sustainable Finance strategy meant to make a contribution to the transition to renewables and the transformation in the energy sector, said Commerzbank Renewable Energy unit's head Berthold Bonanni.

Dresden-based VSB has already built 655 wind and 58 solar parks with a combined capacity of about 1.1 GW and invested a total of EUR 1.7 billion. The company also provides maintenance services to 1.4 GW. Swiss private equity firm Partners Group has been the majority owner with a stake of 80% since January 2020.

(EUR 1 = USD 1.170)

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