Encavis secures EUR 61m for 114-MW solar park in Germany

German wind and solar parks operator Encavis AG (ETR:ECV) has entered into a project financing agreement with local lender Bayerische Landesbank (BayernLB), securing EUR 60.7 million (USD 67.03m) for a 114.2 MW solar plant in the municipality of Borrentin in northern Germany.

The financing includes EUR 46.8 million in term loan facilities, a EUR-2.75-million VAT facility and letter of credit facilities in the amount of EUR 11.1 million, Encavis said on Tuesday.

The Lindenhof solar plant is expected to be completed at the end of September 2024. The facility is estimated to generate 121 GWh of electricity annually. Nearly 74% of the output will be supplied to an unnamed corporate offtaker under a ten-year power purchase agreement.

The news comes after Encavis agreed in July EUR 145 million in financing to construct a 260-MW solar project in the German municipality of Bartow.

Overall, the German company aims to achieve an installed capacity of 7 GW by the end of 2027.

(EUR 1 = USD 1.104)

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