ENCAVIS Secures €61 Million Project Financing for Borrentin Solar Park

Hamburg-based Encavis AG has successfully secured approximately €61 million in project financing for its 114 megawatt solar park in Borrentin, Germany. This non-recourse financing was managed by Encavis' in-house Project Finance team with support from Bayerische Landesbank.

The Borrentin solar plant, nearing the end of its construction, is expected to be operational by late September 2024. It will generate 121 gigawatt hours of electricity per year, contributing significantly to Germany's energy transition. Nearly 74% of its annual production is fixed by a long-term Power Purchase Agreement (PPA) with a corporate offtaker, ensuring steady revenue.

The financing package includes €46.8 million in Term Loan Facilities, €2.75 million for VAT, and €11.1 million in Letter of Credit Facilities. Encavis aims to reach 7 gigawatts of installed capacity by the end of 2027, marking this deal as a vital step towards its growth strategy.