Deutsche Bank has completed a €70 million long-term refinancing
deal for four photovoltaic power parks on the island of Mallorca,
Spain.
The four parks had been developed by Deutsche Erneuerbare
Energien GmbH – a subsidiary of Deutsche Bank – and supply 8.3
megawatts of ‘green’ energy to the island’s residents and
businesses.
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The equity was placed in a specialised renewable energy fund by
Deutsche Bank, who acted as developer and equity financier
throughout the construction period; as well as financial advisor,
lead arranger and agent for the long-term senior debt
financing.
“Deutsche Bank has already invested in renewable energy projects
for over ten years,” commented Thomas Rueschen, head of Deutsche
Bank’s asset finance and leasing division. “These four photovoltaic
power parks are once again an investment in the future and are part
of an entire series of sustainability investments made possible by
Deutsche bank.”
Deutsche Bank was advised by Linklaters on legal matters,
Fichtner on technical matters and Marsh on insurance matters.
Last October, Deutsche Bank opened the world’s largest solar
park, providing 30 megawatts of solar power to the Extremadura
region in western Spain, in a project worth €38 million. The latest
deal brings Deutsche Bank’s total volume investment in ‘green’
projects to around €900 million.
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