NEAG Norddeutsche Energie AG has secured an innovative 15 million euro revolving credit facility to finance onshore wind projects in Germany. The facility has been structured at HoldCo level, can be used for merchant and EEG projects and has a term of five years.
The first project comprises two wind turbines with a total capacity of 12 MW.
Although there was no EEG approval for the wind project at the time of financial close, the loan could already be utilised in the merchant phase. After commissioning, the project is to be refinanced through long-term bank financing so that the facility can be reused for further projects in NEAG’s pipeline.
This financial structure is one of the first merchant financings for wind projects on the market, Capcora announced.
“A facility tailored to the needs of an IPP in this way is rare in the market. We are proud to have developed, together with Capcora, a financing solution that precisely meets our funding requirements. This instrument will enable us to accelerate the growth of our portfolio in Germany“, says Nik Piening, member of NEAG’s Executive Board. Capcora acted as exclusive financial advisor.
