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Greenlight – as the project is dubbed – marks the Bank’s second project financing in the Netherlands so far this year for the solar and wind park operator BEE.
The 20-year term loan, which is being extended at holding-company level, comprises a KfW-subsidised long-term tranche and a commercial tranche. It is going toward the financing of four photovoltaic plants – three of which already in operation and one currently under construction – with an installed capacity of 60 MW. As a green loan, the project financing meets the ESG criteria set by BayernLB for ecological credit financing.
The project has been accredited under the Dutch incentive scheme for renewable energy production and received the “SDE+” tariff subsidy.
Karin Schramm, who helps deliver project financing from BayernLB to customers in the renewable energy sector, had this to say: “We are delighted to join forces with our long-standing customer BEE in advancing the cause of renewable energy. By providing financing for solar farms we are underscoring our claim as an investment financier dedicated to progress and with its eyes on future-oriented sectors.”
The acquisition adds 501 MW to BEE’s solar portfolio in the Netherlands and 1,107 MW to its global portfolio. To date Blue Elephant AG has purchased, and now operates, solar and wind parks in eight countries, most of which in Western Europe.