Encavis has finalised a non-recourse project financing deal worth €60.7 million for its solar plant in Lindenhof, Borrentin. The project is located near Demmin in Mecklenburg-Western Pomerania and is set to complete construction by the end of September 2024. Once operational, it will generate 121 GWh of electricity annually.
Furthermore, Bayerische Landesbank is providing the financing for the project, backing the Group’s growth strategy. Around 74 per cent of the plant’s annual electricity output is secured through a ten-year PPA with a corporate buyer. In total, the financing includes €46.8 million term loan facilities, €2.75 million VAT facility as well as €11.1 million letter of credit facilities.
In July 2024, Encavis purchased a portfolio of Spanish solar parks from BayWa r.e., including the Almodóvar solar farm. This 95 MW plant, currently under construction, is situated in Andalucía near Córdoba and is expected to generate 187 GWh of electricity annually.
