Deutsche Bank provides financing of €83M for construction of 48-MW solar PV project in Canaro, Italy, that will be sold to investors, arranges debt financing of €53M for acquisition of 15.3-MW solar PV farm in Toledo, Spain
August 26, 2011
– Deutsche Bank played an instrumental role in making the construction and acquisition possible of two high power photovoltaic solar parks in Italy and Spain through its Asset Finance & Leasing (AFL) business.
In Canaro, a Northern Italian municipality in the Veneto region, the bank provided financing of € 83 million for the construction of a photovoltaic solar park. Once completed, the project will be sold to investors. The solar park, with a capacity of 48 MWp was installed by S.A.G. Solarstrom and will be connected to the electricity grid by the end of August 2011. Thus the facility will be covered by the Conto Energia 3 and Conto Energia 4 regulations, which ensure a purchase and price for the electricity generated for 20 years. With 157,500 polycrystalline solar modules, the installation will be able to generate 65 million kWh of power and thus provide 14,700 four-person households with renewable energy.
In Toledo, in Spain’s Castilla-La Mancha region, Deutsche Bank arranged the debt financing of € 53 million for the acquisition of a photovoltaic solar park. Having commenced operations at the beginning of 2010, the solar power plant with a peak capacity of 15.3 MW and 72,900 polycrystalline modules will generate 24 million kWh of electricity annually, enough to provide 5,400 four-person households with renewable energy. The project is subject to the regulations of the Spanish law RD 1578/2008, which specifies a fixed price for the solar park’s electricity for 25 years. The overall investment for the acquisition of the facility amounts to € 77 million. The equity capital was contributed by KGAL a closed-end fund that has already been issued: InfraClass Energie 5, which will also be the owner of the solar plant.
Bernd Fislage, Global Head of Asset Finance & Leasing at Deutsche Bank: “We have long-term experience in the development of plants that harness renewable energies. The most recent transactions in Italy and Spain show that in addition to providing long-term project financing to our clients, we can also arrange innovative financial solutions, for example, when it comes to the financing of the construction phase.”
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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 73 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.