voltwerk concludes framework financing agreement for Spanish photovoltaic projects over 394 million euros
- Department financing for at least 45 MWp
- Largest European framework financing agreement in the field of photovoltaics
Hamburg/Madrid, November 2, 2006: The voltwerk group, a subsidiary of the listed company Conergy AG, has concluded a framework financing agreement worth over 394 million euros with a large German bank in Madrid. The deal is meant to support the financing of large-scale photovoltaic plants. The agreement includes debt financing for all of voltwerk’s photovoltaic projects in Spain currently under construction or in planning. Thanks to this framework agreement, voltwerk is able to complete projects with a total peak output of at least 45 megawatts (MWp) on the Iberian Peninsula in 2007. The company is investing in the technologically advanced solar systems of Conergy AG. These will provide an energy yield of up to one third greater than conventional systems. To date, it is the largest European framework financing agreement ever to be conducted in the area of photovoltaics.
“This financing brings us significantly closer to our strategic goal of making 50 % of our turnover abroad by 2008. This will enable us to further strengthen our leading position in Spain.” explains Nikolaus Krane, CEO of voltwerk AG. The company, which has been represented since 2004 by its own subsidiary on the Iberian Peninsula, is on target with its construction projects in Spain and already has an extensive project pipeline in that region in the area of photovoltaics.
Furthermore, voltwerk is at an advantage in the construction and operation of large-scale solar thermal power plants in Spain. Worldwide, there are over half a dozen large-scale solar thermal projects in planning.
voltwerk AG is a leading company in the development and structured financing of projects in the renewable energy sector. The company develops, finances and implements solar and wind parks, solar thermal power stations, as well as bioenergy plants. Its clients include institutional and private investors from Germany and abroad. voltwerk AG holds offices in Germany, Spain, France, Italy, Australia and the USA. The voltwerk group belongs to the listed company Conergy AG, Europe's largest solar energy company in sales.