Frankfurt am Main, 20.12.2019
Capcora, a consulting firm specialized in real assets, arranged two follow-on financings for the realization of different project pipelines in Germany in an amount of approx. 40 MWp per year. Capcora was individually mandated by Vodasun Group and Fellensiek Projektmanagement as Financial Advisor each for the structuring of a revolving credit line.
Vodasun Group from Munich and Fellensiek Projektmanagement from Jever specialise on construction of photovoltaic roof-top plants with a capacity of up to 750 kWp, which currently still benefit from a state-guaranteed 20-year feed-in tariffs. Since September 2019, it is official that the current 52 GW cap, to which the promotion of PV systems in Germany is limited, will fall with the passing of the Coal Exit Act.
With Capcora's support, both companies were able to secure a credit line of EUR 5.5 million which corresponds to a project volume of approx. 6-7 MWp. Since the construction phases for roof systems are rather short and refinancing via long-term project financing usually takes place within 3-6 months, a construction volume of approximately 20 MW per year can be financed if the bridge financing line is used optimally. The credit lines are available to both companies for a period of approx. 3 years.
"We are pleased that we were able to complete this important transaction - despite the existing uncertainty in the market - on schedule within this year. The credit line is an elementary component in achieving our minimum target of 20 MWp next year. We would like to thank Capcora for the innovative concept and their support in its implementation," said Jakob Katzendobler, owner of Vodasun Group.
"Despite the planned abolition of the cap, the remuneration for PV roof systems will continue to fall due to the link to the expansion rates and we will reach electricity market levels in the foreseeable future - with the new bridge financing line we are ideally positioned for this scenario. Due to the revolving nature of the financing, we are achieving standardization in the financing of our projects, which will lead to a higher turnover rate during implementation and increase the planning reliability of our pipeline," says Torsten Fellensiek, Managing Partner of Fellensiek Projektmanagement.
Since 2009, Vodasun plans, builds and operates turnkey photovoltaic systems throughout Germany. The range of services extends from single-family homes to complex large-scale projects with installed capacities in the megawatt range. The Vodasun Group is divided into three companies: Vodasun Akquise und Vertriebs GmbH develops and sells PV projects to private and institutional investors, Vodasun Construction is as EPC company responsible for the turnkey construction and Vodasun subsequently takes over the commercial and technical management of the plants. The best engineering and the use of high-quality components ensure the yield and longevity of the projects. www.vodasun.de
About Fellensiek Projektmanagement:
Since its incorporation in 2004, SUNfarming GmbH has covered the entire project development and EPC value chain (engineering, procurement, construction) – from planning and development, through financing and construction, to monitoring and servicing of solar parks and associated concepts such as agro-photovoltaic and e-mobility. The company has a long-standing customer base of capital investors, local authorities, users of commercial and private in-house electricity generation systems, as well as sister companies within the group of companies which invest in solar plants. The international team of experienced commercial staff, engineers and technicians has successfully installed a capacity of more than 600 MWp. In addition, SUNfarming assumes the technical operation and some of the commercial services for over 320 MWp for other companies in Germany and abroad. www.fpm-fellensiek.com
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.