Encavis secures €60.7 million financing for solar plant in Germany

Encavis has secured €60.7 million in non-recourse project financing for its solar plant in Lindenhof, Borrentin, located near Demmin in Mecklenburg-Western Pomerania. The plant is expected to be operational by the end of September 2024 and will generate 121 GWh of electricity annually. The financing, provided by Bayerische Landesbank, supports Encavis’ growth strategy, with around 74% of the plant’s output secured through a ten-year power purchase agreement (PPA) with a corporate buyer.

The financing package includes €46.8 million in term loan facilities, a €2.75 million VAT facility, and €11.1 million in letter of credit facilities.

In addition, in July 2024, Encavis expanded its portfolio by acquiring several Spanish solar parks from BayWa r.e., including the 95 MW Almodóvar solar farm in Andalucía. Once completed, this project is expected to generate 187 GWh of electricity annually.