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NEAG secures revolving bridge facility for onshore wind projects in Germany
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Hamburg-based independent power producer NEAG Norddeutsche Energie AG (“NEAG”) has secured an innovative revolving credit facility in an amount of €15 million to fund the construction of onshore wind projects in Germany. Structured at the HoldCo level, the facility can be utilized for both merchant and EEG-backed projects. Capcora acted as exclusive financial advisor, leading the structuring and sourcing of the financing.
Designed with a five-year tenor, the facility features flexible sizing mechanics tailored to NEAG’s needs, covering both merchant and EEG-backed phases. The first project financed under this facility consists of two 6 MW eno 160 turbines, totalling 12 MW.
While the project has applied for an EEG tariff, it had not yet been awarded at the time of financial close – allowing the sponsor to leverage the facility already during the merchant phase. The project will be refinanced at COD through long-term bank financing, after which the facility will be re-deployed for other projects in NEAG’s pipeline.
This financing structure is among the first in the German market to incorporate merchant financing for onshore wind projects, highlighting its unique and innovative nature.
“A facility tailored to the needs of an IPP in this way is rare in the market. We are proud to have developed, together with Capcora, a financing solution that precisely meets our funding requirements. This instrument will enable us to accelerate the growth of our portfolio in Germany,” said Nik Piening, CEO of NEAG.
“We are pleased to extend our longstanding collaboration with NEAG through another pioneering transaction. Structuring a revolving facility that integrates merchant financing is a novel approach, demonstrating our expertise in developing value-added and complex financing solutions,” added Alexander Enrique Kuhn, Managing Partner at Capcora.
NEAG was advised by CMS Hamburg (documentation), Simmons & Simmons Frankfurt (legal due diligence), and DNV (technical due diligence), while the lender was supported by Gowling WLG (Paris/Frankfurt).
About NEAG
NEAG Norddeutsche Energie AG is an independent energy producer (IPP), which was founded in 2016 in Hamburg and already hold assets under management of around 500 MW of operating onshore wind projects. The investors in the investment vehicles initiated by NEAG are institutional investors with a focus on long-term, stable cash flows and a long-term interest in investing in professionally managed renewable energy assets across Europe. The company’s electricity production in 2024 totalled over 400 gigawatt hours.
About Capcora
Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.
