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DGAP-News: ENCAVIS AG / Key word(s): Financing
ENCAVIS refinances solar park portfolio in the Netherlands
The financing of the Willem projects in the total amount of EUR 47.7 million and with a maturity date of June 30, 2039, consists of a „Floating Rate Facility“, with the floating base rate being hedged by an interest rate swap, in the amount of EUR 24.7 million, a „Fixed Rate Facility“ in the amount of EUR 18.7 million and a “Debt Service Reserve Facility” in the amount of EUR 4.0 million, and was provided by Rabobank.
“We are glad, that, besides the introduction of a Floating Rate Facility, we could maintain the already existing Fixed Rate Facility within the framework of the refinancing with Rabobank, whose terms and conditions, we wouldn’t have had any chance to achieve alternatively in the current interest rate environment. A great result that sets free liquidity for further investments,” Dr Christoph Husmann, CFO of Encavis AG, welcomed the borrower-friendly terms and conditions of this refinancing on holding level.
With this transaction, ENCAVIS optimises again the structures and costs of existing project financings and benefits of an enhanced leverage ratio as well as streamlined project structures for the ongoing operational management of the portfolio. All three previous refinancing transactions have been completely structured, arranged and managed by Encavis AG‘s own inhouse Project Finance team, established in 2019. In all transactions the Encavis Group benefitted from the ongoing low-interest environment and has captured the positive developments in the debt market particularly for photovoltaic plants.
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 solar parks and (onshore) wind farms in eleven 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 3.2 gigawatts (GW), which corresponds to a total saving of around 1.4 million tonnes of CO2 per year. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors.
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 "A" and ISS ESG with their "Prime" label.
Additional information can be found on www.encavis.com
28.07.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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