ENCAVIS Secures EUR 203 Million Refinancing for Spanish Solar Parks

On March 7, 2024, Encavis AG, a major operator of wind and solar parks based in Hamburg and listed on the MDAX of the Deutsche Börse AG, announced the successful completion of project refinancing agreements amounting to EUR 203 million. These agreements are for its operational solar plants in Spain, specifically Talayuela and La Cabrera.

The refinancing, structured, arranged, and managed by ENCAVIS' in-house Project Finance team, involves a total of four international banks. Notably, this refinancing marks the first time NatWest Bank Europe GmbH is providing project financing to ENCAVIS, alongside long-standing partners ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., and Bankinter S.A.

Talayuela, located in Extremadura, and La Cabrera, in Andalusia, have generation capacities of 300 MW and 200 MW respectively. Operational since late 2020 and early 2021, these projects are among the first of their scale in Europe to operate without public subsidies, leveraging long-term Power Purchase Agreements to secure energy prices.

This refinancing initiative highlights ENCAVIS' ongoing efforts to optimize financing costs and streamline financing structures. The arrangement includes EUR 181.5 million in Term Loan Facilities, alongside EUR 13 million in Letter of Credit Facilities and EUR 8.5 million in Debt Service Reserve Facilities. Dr. Christoph Husmann, CFO of Encavis AG, signifies this event as a testament to the company’s strategic financial management in support of its accelerated growth strategy.