The new year has seen two major
European lessors invest heavily in renewable solar energy projects,
while statistics printed in the publication Renewable Energy
Focus have shown such solar investment growth to be at the
forefront of a surprisingly healthy sector.
In France, Crédit Agricole Leasing has been
chosen to implement and co-finance a photovoltaic installation in
the Poitou-Charentes region, contributing €200 million in
collaboration with its parent bank, Crédit Agricole.
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The European Investment Bank will provide a
further €200 million as a loan to the project, while all finance
will be guaranteed by the Poitou-Charentes regional
authorities.
The major work, which begun last month, is set
to produce 73 GWh of solar power by 2012 and create over a thousand
jobs.
Meanwhile, 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.
The equity was placed in a specialised
renewable energy fund by Deutsche Bank, which acted as developer
and equity financier throughout the construction period. It also
acted as financial advisor, lead arranger and agent for the
long-term senior debt financing.
“Deutsche Bank has invested in renewable
energy projects for over ten years,” commented Thomas Rueschen,
head of Deutsche Bank’s asset finance and leasing division.
Deutsche Bank was advised by the law firm
Linklaters, Fichtner on technical matters and Marsh on insurance
issues.
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.
Overall, asset finance for renewable energy
maintained double digit growth in 2008 despite a slow second half,
according to figures quoted in Renewable Energy Focus.
Analysts at renewable energy consultancy New
Energy Finance reported a 4.4 percent growth in global renewable
energy investments over the course of 2008, with the total
surpassing $150 billion (€117 billion) for the first time, the
magazine claimed.
Although this is a reduction on 2007’s
equivalent figure of 60 percent, the figure for 2008 included good
news for asset finance. Apparently, 2008 saw $97 billion of asset
finance investments in new-build projects, showing a 15.5 percent
increase year-on-year.
Overall, wind power saw the highest
investments at $52.9 billion, followed by solar power at $31
billion. However, solar power took the lead in terms of growth,
with a 31.9 percent year-on-year increase compared to negative 1.5
percent for wind.
