Capcora advises on a Mezzanine Financing for German Solar PV Portfolios provided by Sienna Investment Managers

Sienna Investment Managers (Sienna IM) has provided mezzanine financing facilities of €36 million to support two portfolios of large-scale solar photovoltaic (PV) projects across Germany. The financing enables CAPEX funding for approximately 421 MWp of solar capacity spanning eight federal states: Bavaria, Mecklenburg-Western Pomerania, Lower Saxony, Rhineland-Palatinate, Saxony, Saxony-Anhalt, Schleswig-Holstein, and Thuringia. Capcora acted as exclusive financial adviser to the sponsor, a German developer and IPP, in this transaction. 

The transaction covers 23 individual solar PV projects grouped into two portfolios, each comprising a mix of operational assets, assets under construction and ready-to-build (RtB) projects. The diversified portfolio composition ensures strong revenue visibility, underpinned by EEG tariff frameworks, while providing flexibility for further optimisation and future expansion.  

The transaction was executed as a cross-border bilateral process, built on mutual trust and a clear understanding of the commercial and risk requirements of all parties involved. The financing is backed by recognised institutional capital through the Private Credit activity1 of the Sienna IM group, reinforcing the robustness and credibility of the structure.  

 “Mezzanine financing continues to play a critical role in unlocking value across mixed portfolios of operational and RtB renewable assets. This transaction demonstrates how bespoke structures, built on trust and transparency between sponsors and institutional capital providers, can effectively address refinancing and growth capital needs,” said Alexander Kuhn, Managing Partner of Capcora, financial adviser to the transaction. 

 “This transaction reflects our strong commitment to accelerating the European energy transition by providing flexible financing solutions tailored to the needs of renewable energy portfolios across different development stages. The mezzanine structure effectively enhances long-term value creation while supporting the continued build-out of clean energy infrastructure in Germany,” said Ronald Gaultier, Deputy Head of Infrastructure Debt Funds, Sienna IM. 

 From a market perspective, the transaction highlights the increasing role of innovative mezzanine financing solutions in supporting the European energy transition, particularly for portfolios combining operational assets with ready-to-build projects. By unlocking capital at a critical phase of the project lifecycle, such structures support portfolio optimisation, platform scaling, and the integration of future technologies such as battery storage. 

 The transaction involved close collaboration between the sponsor, lender, and advisers. Capcora acted as exclusive financial adviser to the sponsor, with Simmons & Simmons as legal adviser to the sponsor and Bird & Bird acting on behalf of Sienna IM. 

 About Sienna Investment Managers 

Sienna Investment Managers is a multi-expertise pan-European asset manager. With a team of around 300 professionals, Sienna IM operates in Paris, Luxembourg, Milan, London, Hamburg, Frankfurt, Madrid, Amsterdam and Seoul.    

Spanning listed and private assets, Sienna IM builds bespoke and innovative solutions for its clients, with purpose. As of end of June 2025, the Group oversees more than €40 billion under management, of which over 90% (AuM eligible under SFDR perimeter) are classified article 8 or 9.   

www.sienna-im.com 

About Capcora

Capcora is an independent financial advisory boutique specialising in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.

www.capcora.com

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