Business World of Renewable Energy

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Largest Rooftop PV System in Europe To Be Built in Germany in Saxony-Anhalt

Frankfurt am Main, Germany - Fellensiek Projektmanagement GmbH & Co. KG from Jever has secured bridge financing for the construction of a record photovoltaic roof system. The plant is being built on the roofs of commercially used halls at a site in Saxony-Anhalt.

The electricity will be remunerated through a mix of EEG feed-in tariffs and a power purchase agreement (PPA). FPM Projektmanagement GmbH & Co. KG was advised on the financing by Capcora GmbH from Frankfurt.

FPM Projektmanagement launches largest photovoltaic roof project in Europe

FPM Projektmanagement is currently constructing a large-scale solar plant with a total capacity of 23 MWp on the roofs of commercially used halls in Saxony-Anhalt. According to Capcora, the consulting firm accompanying the transaction as financial advisor, the record-breaking plant is currently the largest rooftop PV plant in Europe. The project will be built in two construction phases on an area of 120,000 m², which is roughly equivalent to 17 soccer fields. The large-scale plant is expected to be fully operational by the end of 2021 and will provide over 21 million kilowatt hours (21 GWh) of solar power annually. After construction, the plant will be transferred to the FPM portfolio and operated on a long-term basis.

Part of the project has already secured a long-term feed-in tariff in one of the latest PV tenders conducted by the Federal Network Agency. In addition, negotiations are currently underway with the site owner to purchase the electricity under a corporate PPA. The purchased electricity is to be consumed both directly on site and at other sites belonging to the Group.

Milestone for rooftop PV sector

The construction funding was secured within an already existing revolving bridge financing line provided by a debt fund. The line, which was originally intended to finance rooftop projects below 750 kWp, was expanded to a double-digit million amount due to this particular project.

"This project represents a milestone for the entire German rooftop PV industry and proves that large-scale solar plants on industrial roofs can also be realized in Germany“, said FPM Projektmanagement managing partner Torsten Fellensiek about the lighthouse project. From the perspective of Alexander Enrique Kuhn, Managing Partner at Capcora, the project is ground breaking. "Through an intelligent mix of long-term feed-in tariff, corporate PPA and innovative financing, great projects can be achieved. The market for large-scale commercial rooftop PV is still in its infancy. We are convinced that this sector will gain enormous importance in Germany," Kuhn said.

About the companies

Jever-based Fellensiek Projektmanagement GmbH & Co. KG, with over 25 years of experience in project management, develops, constructs and operates projects in Germany and other European countries in the fields of photovoltaics, wind power and real estate. The company covers the entire value chain from the acquisition of suitable sites to the marketing of renewable electricity. Over the last few years, FPM has built up its own portfolio of rooftop photovoltaic systems.

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).

Source: IWR Online, 28 Apr 2021