Clifford Chance

Clifford Chance advises Encavis on the acquisition of a 44 MW solar park in the Netherlands including the project financing

Clifford Chance Amsterdam has advised Encavis AG (formerly Capital Stage AG) on the acquisition of a construction-ready solar park with a total output of 43.9 megawatts (MW) in the Netherlands from Solarcentury by Encavis. The park is located near the city of Eindhoven. The solar park has taken out a debt financing from Rabobank to finance construction. Clifford Chance Amsterdam also acted as counsel to the Borrower jointly owned by SolarCentury and Encavis.

Encavis AG, a SDAX-listed renewable Independent Power Producer (IPP) based in Hamburg, entered into a strategic partnership with Solarcentury, the park's project developer and operator, end of 2017. This acquisition will double Encavis AG's total generation capacity on the Dutch solar market to nearly 100 MW. Solarcentury will be a key investor, with an equity share of just under 20 per cent. The acquired solar park is to be connected to the grid in the fourth quarter of 2018 and will double Encavis AG's total generation capacity on the Dutch solar market. Including debt financing on project level, the total investment volume of the park amounts to around EUR 44 million. Eneco will be the offtaker. The Clifford Chance team previously advised on the first solar transaction of 47 MW (M&A and project finance) of Encavis in the Netherlands in 2017.

The Clifford Chance team that advised on Project Finance and M&A law was led by Hein Tonnaer and consisted of Lotte de Bruin, Marije Senne, Pieter Leefers, Thomas Heijerman, Sophie van Marwijk Kooij and Liesbeth Buiter.