DGAP-News: NEAG receives onshore wind funding: a facility for different project stages
NEAG receives onshore wind funding: a facility for different project stages
DGAP-News: Capcora GmbH / Key word(s): Financing NEAG receives onshore wind funding: a facility for different project stages 03.11.2020 / 09:00 The issuer is solely responsible for the content of this announcement. Hamburg based independent power producer ("IPP") NEAG Norddeutsche Energie AG ("NEAG") secured an innovative financing facility dedicated to fund onshore wind projects in development phase, projects under construction and a portfolio of operating assets. The revolving credit facility in an amount of EUR 35m includes senior and mezzanine elements and was secured at the level of the newly established holding company NEAG Norddeutsche Energie Development GmbH. Capcora was mandated as exclusive financial advisor and responsible on structuring and sourcing. The financing structure is unique as it covers three types of assets in one facility. Furthermore, it was structured in the format of a revolving facility which allows the exchange of projects during the term of the facility, which is 3 years. "A facility structured in such a way, tailored to the needs of an IPP is not common in the market. We are proud to have developed together with the Capcora specialists an innovate financing facility which exactly meets our different funding needs. This instrument will allow us to accelerate the growth of our portfolio in Germany and Benelux in various aspects. First of all, we can limit our equity requirements during the various stages of acquisition. Furthermore, we can easily replace projects, navigate liquidity into projects where we demand it and at the same time flexibly redeem tranches as soon as cheaper sources of financing can be accessed. ", says Christian Bähringer, CEO of NEAG. "We are happy to expand our cooperation with NEAG by implementing another landmark transaction. The combination of creating a revolver which includes greenfield and brownfield assets is fairly unique in the market and underpins our expertise in structuring value-added and complex financing schemes ", says Bernhard Hofmann, Senior Vice President at Capcora. About NEAG Norddeutsche Energie AG: About Capcora
03.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
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