Press releases

Vodasun secures revolving bridge facility of EUR 12m for ground-mounted and roof-top solar PV plants.

Frankfurt am Main, 22.07.2022

Munich-based Vodasun group today announced the signing of a new revolving bridge facility in an amount of EUR 12m dedicated to fund the construction of new roof-top and ground-mounted solar PV plants in Germany. The funds have been made available by Paris-based Eiffel Investment Group. The facility will replace the existing loan agreement maturing by the end of 2022. Capcora acted as sole financial advisor in this transaction.

Vodasun's business is benefiting from recent regulatory improvements. At the beginning of July 2022, the German Bundestag passed the long-awaited Easter Package, which contains a whole range of new energy regulations, including a new version of the Renewable Energy Sources Act, the so-called EEG 2023. As a continuation of the EEG 2021, the EEG 2023 further improves the conditions for the installation of ground-mounted and roof-top systems. In this context, the government has anchored the goal of increasing installed solar capacity to 215 GW by 2030. This goal is to be achieved by significantly increasing auction volumes in the coming years. Another result is that rooftop projects with a capacity of up to 1 MWp (previously 300 kWp), which are exempt from the obligation to participate in an auction, will receive an increased feed-in tariff.

"We are pleased to take another important step for our further growth in the market. The political and social backing for our business has never been greater. On the other hand, we see a major challenge in the increasing demand from companies that want to secure their energy needs in a market with skyrocketing electricity prices. This tailored financing helps us to adapt and expand our business activities in both the rooftop and ground-mounted solar sectors. We thank Eiffel Investment Group and our advisor Capcora for their great support." says Jakob Katzendobler, owner of Vodasun.

The financing was established on the level of a 100% owned warehouse SPV by Vodasun which both functions as project rights owner and a HoldCo owning project SPVs. It has a tenor of three years and bears a medium single digit interest rate.

On the legal side the parties were advised by Luther Rechtsanwaltsgesellschaft mbH which acted as lenders legal advisor both responsible for the documentation and due diligence.

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 Eiffel Investment Group:

Eiffel Investment Group is a portfolio manager with €4.7 billion assets under management (30/06/2022, including uncalled commitments). Eiffel’s investor base consists of large institutional investors as well as individual investors via retail distribution channels. Backed by the Impala group founded by entrepreneur Jacques Veyrat, Eiffel leverages its strong corporate expertise particularly in the field of energy transition, but also in the health, agri-food, and information & communication technology sectors. Eiffel finances companies and their assets through four main strategies: private debt, private equity, energy transition infrastructure, and listed equities and credit. Eiffel Investment Group’s mission is to invest for a sustainable world. Its investment strategies aim to generate not only a strong financial performance but also positive and measurable social and environmental impacts.

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. In addition, Capcora acts as transaction manager for M&A processes (buy and sell side advisory).