Corporate News
 

ENCAVIS secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027

Hamburg, 4 September 2023 – 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 successfully closed a EUR 180 million non-recourse revolving debt bridge financing facility with ABN AMRO Bank N.V. (NL) and COÖPERATIEVE RABOBANK U.A. (NL) for solar PV projects in four of Encavis’ core markets, namely Denmark, Germany, Italy and Spain.

The non-recourse debt bridge financing facility will allow Encavis Bridge Financing GmbH, a fully owned subsidiary of Encavis AG, to finance ready-to-build (RTB) solar projects acquired from Encavis’ Strategic Development Partners (SDPs) as well as operating projects acquired in the four mentioned countries. The debt bridge financing facility also allows Encavis to bundle smaller individual projects into sizeable project portfolios to improve the structuring and the negotiation of Power Purchase Agreements (PPAs) and to achieve favorable terms and conditions for take-out under long-term project financings, providing a substantial contribution to the realisation of the Accelerated Growth Strategy 2027.

“This non-recourse debt bridge financing facility is a landmark transaction for Encavis and as such a further widening of our financing capabilities to support our Accelerated Growth Strategy 2027, helping us to optimise terms and conditions for PPAs and long-term financings as well as to optimise our resource allocation for such activities”, confirms Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG.

The debt bridge financing facility includes a EUR 150 million Revolving Debt Bridge Facility, as well as a EUR 20 million Letter of Credit Facility and a EUR 10 million VAT Facility, which can be utilised in EUR and DKK. The tenor of the debt bridge financing facility is three years which can be extended twice for one year each for a total tenor of up to five years. In addition, the financing facility includes an “Accordion Increase” mechanism under which Encavis can further increase the financing amount to up to EUR 310 million with existing lenders as well as new lenders joining the financing.

About ENCAVIS:
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group's total generation capacity currently adds up to more than 3.5 gigawatts (GW), of which more than 2.1 GW belongs to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO₂ per year stand-alone for the Encavis AG.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “A” level and ISS ESG with their “Prime” label.

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Contact:
ENCAVIS AG
Jörg Peters
Head of Corporate Communications & Investor Relations
Tel.: 2 242
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