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MKM Invest Group and Prime Capital Cooperate on Debt Financing for 579 MW PV Portfolio

Frankfurt am Main, Germany - The Hamburg based independent power producer MKM Invest Group (Sponsor) raised a EUR 106m mezzanine debt financing.

The transaction serves the financing of a portfolio of solar PV projects in Germany, France, and Spain with a total capacity of 579 MW based on contracted and merchant revenues. According to recent market intelligence, the transaction is considered one of the largest mezzanine financings in Europe to date.

The financing was provided by accounts managed by Prime Capital AG. Enerparc AG, who has been developing and realizing the solar parks for MKM Invest Group, supported the fundraising on behalf of the Sponsor and will deliver the long-term asset management and O&M services for the Portfolio. The consulting firm Capcora, specialized on real assets, acted as the exclusive financial advisor to the Sponsor during the entire process.

The instrument is cross-collateralized by 94 PV projects of mainly operational assets as well as projects under construction. German projects represent the majority in the Portfolio with a capacity of 367 MW followed by Spain with 108 MW and France with 104 MW. As Capcora points out, the Portfolio benefits from an attractive revenue mix, as it includes different feed-in tariff schemes in Germany and France, and PPA-backed projects in Germany and Spain.

MKM Invest Group was advised by Capcora as financial advisor and Luther as legal advisor. Prime Capital was advised by Simmons & Simmons as legal advisor, PKF Wulf & Partner for Financial Due Diligence, and Near Future Financial Forecasting for model audit.



Source: IWR Online, 22 Sep 2020

 


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