Frankfurt am Main, 10.08.2017
The consulting firm Capcora, specialized on real assets, has arranged bridge financing through mezzanine capital for an onshore wind farm with two wind turbines under construction and a total capacity of 6.9 MW in Bavaria. Capcora was mandated by the OSTWIND Group, headquartered in Regensburg, which is the project developer and general contractor of the project, as a transaction manager to guide the capital procurement measure.
The forestry wind farm "Schiederhof", located in Lower Bavaria, consists of two Vestas V136 wind turbines with a rated power of 3.45 MW each and a total capacity of 6.9 MW. It is one of the first wind parks in Germany, which is equipped with the new type of turbines based on the predecessor version. With a hub height of 149 meters and a rotor diameter of 136 meters, the turbine type is one of the largest and most profitable wind turbine in Germany. The BImSchG approval for the "Schiederhof" project was already granted in 2016. Thus, it is also one of the last onshore wind projects which still benefits from a fixed feed-in tariff according to the old EEG 2014. The commissioning of the plant will take place in January 2018. The wind farm will produce more than 13 million kWh of electricity per year after its construction and will thus be able to supply around 4,500 households with climate-friendly electricity.
It is the first transaction in which Capcora supported the OSTWIND Group. Together, the two companies are already planning to cooperate in further projects. OSTWIND is one of the pioneers in the German wind industry. OSTWIND is also one of the leading project developers in Germany with a performance balance of 540 wind turbines and an installed total capacity of around 920 MW.
"The wind farm Schiederhof is at the same time the first and also the last of its kind. It is on the one hand the first OSTWIND project, using the new Vestas turbines type V136. At the same time, it is one of our last projects which has received approval in accordance with EEG 2014. ", explains Bernd Kiermeier, Chief Financial Officer of OSTWIND AG.
The mezzanine transaction was implemented in the form of a limited recourse financing at the level of a newly formed interim holding company holding the shares in the project company ("SPV"). The bridge financing secured at the level of the interim holding company is subordinated to the senior ranking project financing which is raised at the SPV level, which also will be disbursed in construction phase.
The mezzanine financing has a term of at least two years (with extension option) and is intended to finance the construction as well as the subsequent, initial operating phase.
"We are delighted that we were able to participate in this exciting project at the side of such an experienced project developer. We welcome the decision by OSTWIND to take new steps in terms of financing. In the current market environment for onshore wind power in Germany, the existence of a solid financing base at project and company levels, with a balanced ratio of equity capital and debt capital, and in particular under the inclusion of mezzanine capital, is increasingly important. Companies that use alternative forms of financing with foresight will be among the winners of the expected market consolidation and will be able to maintain their market position while maintaining their independence, "said Alexander Enrique Kuhn, managing director of Capcora and heading its energy and infrastructure division.
OSTWIND is an independent family-owned company - founded by Gisela Wendling-Lenz and Ulrich Lenz, who together with Fabien Kayser and Bernd Kiermeier form the Executive Board of OSTWIND AG. Managing Directors in Germany are Dr. Rolf Bungart and Jörg Zinner. The medium-sized company group, based in Germany, France and the Czech Republic, plans, builds and operates wind farms for which it also takes over the technical and commercial management. Since 1992, OSTWIND has planned and built 540 wind turbines with a capacity of 920 MW. www.ostwind.de
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources. www.capcora.com