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VODASUN secures €20M financing for 35 MWp rooftop solar in Germany
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VODASUN, a leading German developer of rooftop solar PV systems in the Commercial & Industrial (C&I) segment,has successfully secured a €20 million revolving construction bridge facility to finance the build-out of a ~35 MWp pipeline of EEG-backed C&I rooftop solar projects across Germany. The bespoke financing was structured by Zencap AM (“Zencap”) for its fund Zencap European Sustainable Transition II. It marks a significant milestone for VODASUN as it scales its platform in the German C&I solar market. Capcora acted as exclusive financial advisor to VODASUN, while Luther Rechtsanwaltsgesellschaft mbH and kiloWattsol respectively served as legal and technical counsels to the lender.
The framework facility employs a portfolio-based approach, allowing for the rolling inclusion of multiple project clusters over a five-year period as they reach ready-to-build (RtB) status. This structure provides VODASUN with both the capital stability – via committed funds – and the operational flexibility aligned with its business model. The initial portfolio includes more than 50 rooftop PV installations, with the overall pipeline expected to exceed 150 projects — position init as one of the largest C&I solar initiatives in the German market to date. All projects are expected to reach commercial operation by the end of 2025 and will be divested post-commissioning. In the meantime, VODASUN will be able to continue building up its pipeline.
The facility will cover a substantial portion of the portfolio’s estimated €30+ million construction costs, funded through a combination of debt from Zencap and equity contributions from VODASUN. A key feature of the transaction is its fully revolving structure, enabling 100% drawdown of debt at the RtB stage. This ensures continuity in financing for future projects and supports VODASUN’s medium-term growth trajectory.
Jakob Katzendobler, Owner and CEO of VODASUN, commented:
“This transaction marks a pivotal step in our expansion strategy and reinforces our position as a leading player in the German C&I solar sector. The C&I segment is fundamental to the success of the energy transition in Germany, offering long-term resilience and impact. We thank Zencap for their trust and partnership and look forward to executing on our ambition to reach 500 MW of cumulative rooftop solar PV installations by 2030.”
Guillaume Boucher, Partner at Zencap Asset Management, stated:
“We are pleased to support VODASUN with this highly customized and scalable financing solution. The C&I segment in Germany is rapidly maturing, and we believe that portfolio-based construction financing is a key enabler for accelerating deployment at scale. Zencap AM, through its energy transition dedicated fund, is pleased to continue supporting the German renewable energy market.”
Alexander E. Kuhn, Managing Partner at Capcora, added:
“We are proud to have advised VODASUN on this landmark transaction, which sets a precedent in the German C&I rooftop solar space. The structure was tailored to VODASUN’s agile business model, featuring lean CPs and operational flexibility. We sincerely thank Zencap for their trust and collaboration throughout this process.”
About VODASUN
VODASUN® has been a leading provider of megawatt solar systems in Germany since 2011 and specialises in the planning, development and installation of photovoltaic systems for the generation of renewable energy. The Munich-based group of companies offers its customers customised complete solutions from a single source and relies on first-class engineering and the use of high-quality components to ensure maximum efficiency and durability of the systems. Numerous well-known companies, including NürnbergMesse, Messe Berlin and Deutsche Telekom AG, already place their trust in the expertise and reliability of VODASUN®.
About Zencap Asset Management
Zencap AM is the Private Debt specialist subsidiary of French asset manager Ofi Invest Group (Aema group). Based in Paris, the team was established in 2009 to offer investment solutions in the Private Debt space, providing its professional investors with a leading-edge access to direct lending opportunities in Europe. Within this universe, Zencap AM has progressively expanded into several synergistic lines of expertise: corporate debt, infrastructure debt, real estate debt
and specialized lending. Zencap AM is committed to the implementation of sustainable development principles. As of 31 December 2024, Zencap AM has €3.5bn assets under management and advisory.
About Capcora
Capcora is an independent financial advisory boutique specializing in M&A and debt advisory services focusing on accelerate the transition to renewable energy 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 structuring and raising tailored financial solutions at all levels (junior/mezzanine, unitranche, and senior debt at asset and corporate level).
Media queries
Capcora GmbH
E-Mail: marketing@capcora.com
Zencap AM
Richard JACQUET | +33 (0)1 56 68 54 25 | rjacquet@zencap-am.fr
Groupe OFI Invest
Guitel COHEN-CEBULA | +33 (0)6 26 56 75 36 | guitel.cohen-cebula@ofi-invest.com
Verbatee
Cyrille LACHEVRE | +33 (0)6 20 42 12 08 | c.lachevre@verbatee.com
