Press releases

Frankfurt am Main, 12.04.2018

The consulting firm Capcora, specialized on real assets, advised a leading German project developer on the identification of subordinated financing solutions for the reorganization of the financing structure at the asset level. The basis formed an operating portfolio consisting of 16 wind turbines in Germany with a total nominal output of 33.10 MW.

Capcora has accompanied another mezzanine transaction at portfolio level as financial advisor. With a track record of an installed onshore wind capacity of approximately 670 MW and 340 wind turbines in Europe, the client is one of the largest project developers in Germany.

The cooperation with Capcora covered an existing onshore wind portfolio with approx. 33.10 MW at twelve different wind locations and spread over eight project companies in the four federal states of Mecklenburg-Vorpommern, Brandenburg, Saxony-Anhalt and Rhineland-Palatinate.

After analyzing and evaluating the existing project documentation regarding the profitability of the portfolio (commercial due diligence) Capcora created an integrated financial model, which transferred the cash flows of the individual projects into a holding model. In addition, the extensive documentation on the portfolio was summarized in an information memorandum. On that basis, Capcora assisted the developer in the search for financing alternatives in the context of a reorganization of the group financing by way of a structured process. After a comparison of the indicative financing offers, the client was able to select the best option among different solutions.

"Well-diversified wind developers with own operating projects nowadays can select between various available equity, mezzanine or debt financing solutions. In these, for the wind industry, volatile times, it is essential to balance the alternatives and to develop a solid financing strategy for the future. We are pleased that we were able to support our customer in this exciting challenge.", says Alexander Enrique Kuhn, Managing Director and responsible for the Energy and Infrastructure division at Capcora.

On the legal side, the client was advised by the law firm Allen & Overy, in the person of Mr. Jens Gölz. In particular, the focus was on the preparation of a legal due diligence reports for the project portfolio.

About Allen & Overy:

Allen & Overy LLP is an international law firm that advises companies, banks and public institutions on all aspects of business and capital markets law. With more than 2,700 lawyers and 44 offices in 31 countries, Allen & Overy is one of the world's leading and most geographically diverse law firms. With 4 offices in Germany, we are also close to you with a professional, efficient and individually tailored to your needs advice available. www.allenovery.com

About Capcora:

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