A consortium of banks comprising Deutsche Bank, BayernLB, Helaba Landesbank Hessen-Thüringen and KfW IPEX-Bank has successfully closed the long-term debt financing of a ground-mounted 48 MW photovoltaic plant in Canaro/Italy.
The Serenissima project was developed and constructed by S.A.G. Solarstrom AG, a listed company specialized in developing, constructing and erecting large-scale PV projects with a long-term track record. For the construction of the photovoltaic plant Deutsche Bank provided in June 2011 on a bilateral basis a short term construction bridge financing in an amount of EUR 83 million which has now been refinanced by the structured long-term financing. After construction completion and grid connection in August 2011 the project was bought by a vehicle controlled by the BNP Paribas Clean Energy Fund in December 2011.
The EUR 118 million debt financing is split into two facilities: EUR 114 million long-term financing with a tenor of 17 years and EUR 4 million VAT facility with a tenor of 5 years.
With a capacity of 48 MW the project is one of the largest single photovoltaic plants in Italy located 17km south-west of the town Rovigo, Veneto. The whole plant area covers 120 hectare.
The ground mounted project uses 206,500 multi-crystalline PV modules supplied by market leading manufacturers. The solar parks produce 64 million kWh of electricity from environmentally friendly solar energy – enough to supply the equivalent of 14,500 four-person households. The project will be operated under an "Autorizzazione Unica" permit and will be subject to the Conto Energia 3 and Conto Energia 4 feed-in tariffs.
For further information, please call:
Deutsche Bank AG
Dr. Klaus Winker
Phone: +49 (0) 69 / 910 32249
Phone: +49 (0) 89 / 21 71 2 58 52
Helaba Landesbank Hessen-Thüringen Girozentrale
Phone: +49 (0) 69 / 9132 2192
Phone: +49 (0) 69 / 7431 8454
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
For over 10 years, Deutsche Bank has maintained its own teams in Asset Finance & Leasing (AFL), which specialise in developing projects that harness renewable energy. The teams are located in Germany, London, New York, Moscow or Dubai. AFL accompanies these projects over their entire life-cycle, covering project development, short- and long-term financing (equity and debt), as well as consulting services. (www.db.com
With total assets of EUR 332 billion, BayernLB is the leading Bavarian commercial bank both for large and Mittelstand costumers in Germany and Europe, and for retail customers. It is an integral part of the Sparkassen-Finanzgruppe in Bavaria and a high performance regional bank focused on Europe with international expertise. In terms of total assets and credit volumes, it is one of Germany's top banks. BayernLB prides itself on its successful and long-term relationships with large German and international customers. Financing activities for the public sector and institutional investors are focused on its core market of Bavaria and Germany. At the same time, it continues to work closely with institutional customers in the financial centres of London and New York. It not only serves the needs of Mittelstand customers in Bavaria, but increasingly the rest of Germany as well. (www.bayernlb.com
Helaba Landesbank Hessen-Thüringen is an integrated universal bank with a strong regional focus. The bank is represented at important international financial centres, operating branch offices in Dublin, Paris, London and New York as well as representative offices in Madrid, Moscow and Shanghai. Helaba has been involved in domestic and international power plant projects in the field of renewable energies, ranging from photovoltaics, solar thermal energy and wind energy to hydropower, since the end of the 1990s. Renewable energies today is a constantly increasing, permanent business field within Helaba. The bank supports investors and project developers in analysing their projects, advises them regarding long-term profitability and structures customised financing solutions. (www.helaba.com
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres throughout the globe. (www.kfw-ipex-bank.de