ENCAVIS successfully closed a project financing in the amount of approx. EUR 61 million for its German solar park in Borrentin (114 megawatts)

EQS-News: ENCAVIS AG / Key word(s): Financing/Expansion ENCAVIS successfully closed a project financing in the amount of approx. EUR 61 million for its German solar park in Borrentin (114 megawatts) 10.09.2024 / 07:03 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News ENCAVIS successfully closed a project financing in the amount of approx. EUR 61 million for its German solar park in Borrentin (114 megawatts) Hamburg, 10September 2024 – Hamburg-based wind and solar park operator Encavis AG, listed on the MDAX of Deutsche Börse AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) has signed a non-recourse project financing agreement in a total amount of EUR 60.7 million for its solar plant Lindenhof (Borrentin). The transaction has been structured, arranged, and managed by Encavis' inhouse Project Finance team.

The plant, located in Borrentin (south of Demmin, Mecklenburg-Western Pomerania), is nearing completion of construction, which is expected at the end of September 2024. Once operational, the plant will produce 121 gigawatt hours (GWh) electricity per year and contribute significantly to the German energy transition. With a generation capacity of 114.2 megawatts (MW), the Borrentin project is the largest solar plant owned by Encavis AG in Germany and the 3^rd largest solar plant of Encavis AG’s own capacities. Nearly 74% of the annual electricity production for this project is fixed by a long-term Power Purchase Agreement (PPA) for a term of ten years with a corporate offtaker.

The financing is provided by Bayerische Landesbank, a long-standing financing partner of ENCAVIS for years, and thereby supporting the Groups’s future growth strategy.

“We are glad to have placed this project financing in the bank market with one of our strategic bank partners after a comprehensive selection process amongst the approached institutions. Having our ambition of 7 gigawatt (GW) installed capacity by year-end 2027 in mind and many project financings ahead this is another example of how important it is for us to have this experienced and professional in-house project financing team”, welcomes Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, this successful financing.“