ENCAVIS AG secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027
04.09.2023
EQS-News: ENCAVIS AG/ Key word(s): Financing/Expansion ENCAVIS AG secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027 04.09.2023/ 07:07 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate
ENCAVIS AG secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027
EQS-News: ENCAVIS AG/ Key word(s): Financing/Expansion ENCAVIS AG secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027 04.09.2023/ 07:07 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate
EQS-News: ENCAVIS AG / Key word(s): Financing/Expansion Corporate News ENCAVIS secures EUR 180 million non-recourse debt bridge facilities on project level to support its Accelerated Growth Strategy 2027
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: 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. Additional information can be found on www.encavis.com
Contact: 04.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | ENCAVIS AG |
Große Elbstraße 59 | |
22767 Hamburg | |
Germany | |
Phone: | +49 4037 85 62 -0 |
Fax: | +49 4037 85 62 -129 |
E-mail: | info@encavis.com |
Internet: | https://www.encavis.com |
ISIN: | DE0006095003 |
WKN: | 609500 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1717645 |
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