Encavis Asset Management AG and Commerzbank AG achieve financial close for the project financing of the second-largest solar park in Germany

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Encavis Asset Management AG and Commerzbank AG achieve financial close for the project financing of the second-largest solar park in Germany

Munich/Frankfurt, July 31, 2024 – Encavis Asset Management AG (Encavis AM) and Commerzbank AG (Commerzbank) have agreed to a financial close for the Bartow solar project, which will be the second-largest facility of its kind in Germany with an expected total generation capacity of 260 MW. The project is located approximately 150 kilometres north of Berlin in the municipality of Bartow, in the state of Mecklenburg-Western Pomerania. The solar park is part of the portfolio of the Encavis Infrastructure Fund IV (EIF IV), which can still be subscribed to through BayernLB. The fund is particularly aimed at savings banks and cooperative banks.

The financing volume of around 145 million euros is provided by Commerzbank, one of the leading financial service providers in the field of Renewable Energy projects in Germany and Europe. The necessary equity is supplied by EIF IV. The total capital will be used for the construction of the Bartow solar park. Construction of the first phase began in March 2024, and the entire project is scheduled for completion in the second half of 2025. Most of the green electricity produced will be sold to LyondellBasell (NYSE: LYB) through a 12-year Power Purchase Agreement (PPA).

Karsten Mieth, Spokesman of Encavis Asset Management AG, commented: “We are proud to have launched this significant solar project in Germany together with Commerzbank. This successful financing underscores our commitment to sustainable energy projects and demonstrates the trust our partners have in our expertise. The Bartow solar park will make a significant contribution to the energy transition in Germany and further strengthen our position as a leading player in the field of Renewable Energy.”

Commerzbank is very pleased with the successful project financing. Przemyslaw Damps, Director of Project Finance Origination at the Centre of Competence Green Infrastructure Finance (CoC GIF), stated: “From the beginning, we were determined to support this groundbreaking project for our long-term client, Encavis Asset Management.” The challenges in structuring the PPA and the related market prices, as well as securing the land for such a large project, were successfully resolved together. The collaboration between Commerzbank and Encavis Asset Management underscores both companies' commitment to sustainable and Renewable Energy. By financing the Bartow solar park, a significant contribution is made to the energy transition in Germany and the shift to clean energy sources is advanced. “We are confident that this partnership will lead to a successful implementation of the project, and we look forward to working together in the coming years,” added Commerzbank expert Damps.

About Encavis Asset Management AG
Encavis Asset Management AG offers institutional investors customised portfolios and fund solutions for investments in the growing Renewable Energy market. The Company has been successfully investing in this sector since 2006, covering the entire value chain from asset sourcing to operational management of the facilities.

Encavis Asset Management AG is a wholly owned subsidiary of Encavis AG and benefits from the Group's extensive experience and broad industry network. Encavis AG is one of the leading independent power producers (IPPs) in the Renewable Energy sector in Europe. The Company acquires and operates (onshore) wind farms and solar parks in Germany and other European countries. The total generation capacity of the Encavis Group currently exceeds 3.5 gigawatts (GW), with about 2.2 GW attributed to Encavis AG. This corresponds to a reduction of approximately 0.8 million tonnes of CO₂ per year by Encavis AG alone. Additionally, around 1.3 GW of capacity is currently under construction within the Group, with approximately 930 MW in its own portfolio.

Stern Energy S.p.A., also part of the Encavis Group and headquartered in Parma, Italy, is a specialised provider of technical services for the construction, operation, maintenance, as well as the revamping and repowering of photovoltaic systems across Europe.

Encavis is a signatory of the UN Global Compact and the UN PRI network. The environmental, social, and governance (ESG) performances of Encavis AG are recognised by leading ESG research and rating agencies. MSCI ESG Ratings assesses their sustainability performance at an "AA" level. The internationally renowned ISS ESG awards Encavis a "Prime" status (A-), the Carbon Disclosure Project (CDP) gives Encavis AG a climate rating of "B," and Sustainalytics rates them as "low risk" within its ESG risk rating.

For more information, visit www.encavis-am.com or follow @encavis on LinkedIn.

 About Commerzbank AG
Commerzbank is the leading bank for the German Mittelstand. It is also a strong partner for around 25,500 corporate client groups as well as nearly 11 million private and business customers in Germany. In its two business segments – Private and Business Customers and Corporate Clients – the bank offers a comprehensive portfolio of financial services. Commerzbank handles about 30% of Germany's foreign trade and is internationally active in the corporate client business in more than 40 countries. The bank focuses on the German Mittelstand, large companies, and institutional clients. In international business, Commerzbank supports clients with connections to Germany, Austria, or Switzerland, and companies from selected future-oriented industries. In the Private and Business Customers segment, the bank stands by its customers with the Commerzbank and comdirect brands: online and mobile, in the advisory center, and in person on-site. Its Polish subsidiary, mBank S.A., is an innovative digital bank serving approximately 5.7 million private and corporate customers primarily in Poland, as well as in the Czech Republic and Slovakia.

Press contacts: 

Encavis Asset Management AG     
Tanja Van den Wouwer    
Head of Sustainability & Communications
Phone +49 89 442 306 025      
tanja.van_den_wouwer@encavis.com    

Commerzbank AG
Beate Schlosser   
Press Spokeswoman Sustainability   
Phone +49 69 935-345720    
beate.schlosser@commerzbank.com 

Renate Christ
Press Spokeswoman Business Customers
Phone +49 69 935-34576
renate.christ@commerzbank.com