Press releases

Vodasun and enen raise long-term senior debt for their roof-top PV portfolios.

Frankfurt am Main, 16.06.2020

Vodasun Group from Munich and enen endless energy from Limburg have secured project financing for two portfolios with 6 MWp and 3.2 MWp from DKB Deutsche Kreditbank AG. The funds will be used to repay existing bridge financing facilities. The consulting firm Capcora has supported the two companies both in structuring the bridge financing and raising project financing.

Vodasun secured a long-term loan facility of EUR 5.5 million for its "Picasso 1" portfolio consisting of 11 projects with a total output of approx. 6 MWp. enen already signed the loan agreement for the EUR 2.8 million refinancing of the "Bündel 2" portfolio with 3.2 MWp in February.

Both financings have a term of 20 years and an interest rate of well below 2% p.a. KfW funds will be used in both facilities.

The funds will mainly be used to repay existing bridge financings provided by an EIB refinanced debt fund. However, the repaid amounts can be directly reused for new projects in the construction phase.

"This is the first portfolio financing that we are using for our PV projects. So far, we or our customers have financed on project by project basis. Since we have a bridge financing framework in place, we have been able to optimize the long-term financing in this portfolio at attractive conditions," comments Frank Pistorius, Managing Director at Vodasun.

"This and last year we have already successfully implemented and selected attractive new forms of financing with shorter terms to ensure the rapid construction of our lush project pipeline. In the end, however, we are dependent on an optimal long-term financing solution matching maturities, at the latest when our projects are commissioned and connected to the grid," says Jürgen Mäurer, managing partner of enen Group, who celebrates his 25th business anniversary this month.

About Vodasun:

Since 2009, Vodasun plans, builds and operates turnkey photovoltaic systems throughout Germany. The range of services extends from single-family homes to complex large-scale projects with installed capacities in the megawatt range. The Vodasun Group is divided into three companies: Vodasun Akquise und Vertriebs GmbH develops and sells PV projects to private and institutional investors, Vodasun Construction is as EPC company responsible for the turnkey construction and Vodasun subsequently takes over the commercial and technical management of the plants. The best engineering and the use of high-quality components ensure the yield and longevity of the projects.

About enen endless energy:

enen endless energy has been making a concrete contribution for 18 years to consciously and actively provide alternative and sustainable forms of generating electricity from renewable energy sources. To this end, its focus is on the development, financing and construction of profitable wind farms, biogas, biomass, photovoltaic and hydroelectric power plants in selected countries of the European Union. Since 2008, enen has been active exclusively in the area of freefield and rooftop photovoltaic systems.

About Capcora:

Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.