- Oops!Something went wrong.Please try again later.
DGAP-News: ENCAVIS AG / Key word(s): Financing/Banking Syndicate
After the successful closing of a refinancing for a solar portfolio of overall 29.1 MW in Italy in July 2020, Encavis succeeded again to refinance existing bilateral senior debt facilities for Italian PV assets. Both refinancing transactions have been completely structured, arranged and managed by Encavis' own inhouse Project Finance team, established in 2019. In both transactions Encavis benefitted from the current low-interest environment and has captured the positive developments in the debt market particularly for photovoltaic plants.
With this transaction, Encavis has taken again another step towards to the implementation of its >>Fast Forward 2025 growth strategy presented in January 2020 by optimising the structures and costs of existing project financings by benefiting from lower, more than halved interest rates, an enhanced leverage ratio as well as streamlined project structures for the ongoing operational management of the portfolio.
The financing was provided by a club of four international banks, consisting of ABN AMRO Bank N.V., Bankinter, S.A., Bayerische Landesbank and Société Générale. With ABN AMRO and Société Générale providing project financing services to Encavis for the first time, Encavis is continuing the internationalisation of its banking partners to finance Encavis' future growth ambitions.
"Leading, managing and structuring up to financial close of this refinancing were completely in our hands and ensured a very efficient process," Dr Christoph Husmann, CFO of Encavis AG, underlined the advantages of an incorporated Project Finance team and added, "we are glad to have placed the refinancing in the bank market at very reputable institutions following a broad and competitive selection process amongst the approached institutions."
The total amount of the Facility Agreement of EUR 88.0 million consists of a Term Loan Facility (EUR 81.4 million), a Debt Service Reserve Facility (DSRF of EUR 6.1 million) and a Letter of Credit Facility (EUR 0.5 million).
Additional information can be found on www.encavis.com
01.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Große Elbstraße 59
+49 4037 85 62 -0
+49 4037 85 62 -129
Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID:
End of News
DGAP News Service