German renewable energy developer MaxSolar has secured a €410m debt finance facility from international institutional investors Infranity, I Squared Capital, and Rivage Investment.
The financing facility includes an initial committed tranche of €165m and a second tranche that expands the size of the financing facility by an additional €245m.
MaxSolar said that the new financing will support its strategy to become a large independent power producer of renewable electricity.
The company intends to build 2GW of solar PV and co-located storage projects over the next five years, expanding its current project pipeline of around 6.5GW.
MaxSolar CEO Christoph Strasser said: “The financing facility will play a significant role in enabling our next growth phase by helping us materially scale our offering.
“I would also like to express my deepest gratitude to our exceptional team, whose dedication and remarkable spirit have made this financing facility possible.”
Infranity investment executive director Stefan Rattensperger said: “We are proud to support a leading developer and highly innovative company that shares our common values and strategic views of a green energy transition through its future growth path.”
MaxSolar intends to use the proceeds from the financing, together with project-level senior financing, to support capital investments in solar PV and co-located storage projects.
The financing facility will help the company deploy capital towards inorganic growth opportunities and project development expenditures.
It will also facilitate the expansion of its project development capabilities, including the recruitment of new international and local talent across five locations in Germany.
Akereos Capital served as debt adviser, and Reed Smith as legal advisor to Max Solar, while Watson Farley & Williams served as legal advisor to the lenders, on this transaction.
Rivage Investment Investment Director Stéphanie Charlet said: “MaxSolar’s vision is completely aligned with ours, making our partnership an ideal match to our sustainable investment policy and contribute to a successful energy transition.”
Nature Infrastructure Capital managing partner Jérôme Turcotte Routhier said: “MaxSolar is rapidly becoming one of Germany’s leading renewables project developer and EPC service providers for solar PV and co-located systems.
“Securing €410m in non-dilutive financing from highly reputable and sophisticated partners further underpins the company’s strategy to build a substantial clean and affordable electricity generation portfolio for communities and citizens across Germany.”
