Talanx and NORD/LB Norddeutsche Landesbank have jointly provided their support with project financing for two solar parks near Cottbus (Germany), already in operation since 2010. This marks the first opportunity for the institutional investor Talanx to work with NORD/LB.
As part of this strategic cooperation, NORD/LB and investors of the Talanx Group jointly provided long-term loans upon financial close. NORD/LB handled the arrangement of project financing with the sponsors.
The total output of the two solar parks, Finsterwalde II and Finsterwalde III, is 39.8 MW. This would be the supply of energy for up to 10.800 private households. The parks have performed beyond initial forecasts. The total volume of financing is around €85.5 million (US$96.4 million) and is largely broken down into fixed-coupon and variable tranches, maturing on 31 December 2029.
Blue Forrest Solar Holdings B.V., a joint venture between DIF Infrastructure II B.V. and NIBC European Infrastructure Fund I C.V., are the owners of the solar parks. Both NORD/LB and the Talanx Group provide long-term financing at current market conditions. The Talanx Group’s share in the financing is €50 million (US$56 million).
Christoph Schellkes, Head of the Credit Asset Management division at NORD/LB said:
“This financing represents a further addition to our portfolio in the successful financing of renewable energies projects. We are pleased to now have this first opportunity to work with the institutional investor Talanx, enabling us to take another step towards pursuing our strategy of working more closely with institutional investors."
Dr Thomas Mann, Chief Investment Officer at Talanx Asset Management stated:
“As a long-term investor, Talanx is the ideal partner for traditionally long-term infrastructure projects. With this investment in the Finsterwalde II and Finsterwalde III solar parks, we have again generated yields well above the current interest of German government bonds as well as sustainably adding to our portfolio of alternative investments.”