KfW IPEX-Bank has recently announced that it will provide loans to the French energy provider Neoen to support the execution of a project portfolio, which involves a solar PV facility with a total capacity of 30 MW and two wind farms for a total capacity of 46 MW in France.
The total commitments amount to a total volume of approximately €104 million (US$115 million) and the related credits have an up to 20 years-term. As the arranger and sole lender, KfW IPEX-Bank is, for the time being, the only provider of debt capital for this portfolio. The finance structure includes KfW promotional loans, in particular under the KfW Program Renewable Energies (Program 270 and 274).
The German manufacturer SolarWorld is supplying the modules for the 30 MW solar PV facility, currently being constructed in the Tarn department in south-western France. The solar PV facility will be completed soon.
Wind farm manufacturer Enercon, which is based in Germany, and the Danish company Vestas are supplying the equipment to the 25.3 MW Bussy Lettrée and 20 MW Raucourt II wind projects in Northeastern France. The two wind farms will be completed by the end of 2016.
Clifford Chance has advised KfW IPEX-Bank on the non-recourse financing of the solar and wind projects.
Charlie Canevet, Corporate Finance Director at Neoen, said:
“We are happy to be working with KfW IPEX-Bank again on our new projects in France. For our global activities in the field of renewable energies, we partner with dependable banks with proven structuring expertise.”