Credit Line: Sunfarming Secures 10 Million Euros for PV Projects in Poland
Frankfurt am Main, Germany - The Sunfarming Group from Erkner, Germany, which is specialized in project development and EPC projects, successfully increased its existing revolving credit line from 25 million euros to 35 million euros.
With Capcora's support, Sunfarming secured the revolving interim financing facility provided by a European private debt fund in late 2019, with a maturity date of September 2022. Since then, the credit line has been increased twice. In addition, the financing and project criteria were made more flexible. Thus, the line can be used to finance CfD projects (CfD = Contract for Differences) in Poland with a capacity of up to 1 MWp as well as EEG projects in Germany below 750 kWp in the construction phase and, to a certain extent, projects in development.
So far, a project volume of more than 70 MW has already been bridge financed via the credit line. The instrument can be used on a revolving basis, i.e. projects can leave the collateral pool after refinancing by a bank and be replaced by new assets.
"We are pleased that our partner is once again placing its trust in us and supporting our growth ambitions with additional capital. The Polish market continues to offer great potential and we are ideally positioned to take our portfolio to the next level," said Martin Tauschke, managing director and co-partner of Sunfarming Group.
Since the company was founded in 2004, Sunfarming GmbH has covered the entire project development and EPC (engineering, procurement, construction) value chain, starting with planning, development, financing, construction, to monitoring and maintenance of solar parks and related concepts such as agri-photovoltaics and e-mobility. The company has already successfully realized a plant capacity of more than approx. 650 MWp. In addition, Sunfarming takes over the technical management for projects with a capacity of more than 350 MWp in Germany and abroad.
Source: IWR Online, 28 Dec 2020