youmex arranges bridge financing for an Ecoware solar power plant in Italy

12.11.2010

Ecoware S.p.A., Padua, Italy, signed a loan agreement for bridge financing the construction of one of their photovoltaic solar power plants with an output of 6 MWp in Italy. The investment volume amounts to EUR 16 million. youmex AG arranged this bridge financing within a few weeks - from the start of the mandate to the disbursement.

Ecoware S.p.A., headquartered in Padua, Italy, is a medium-sized project developer and general contractor for photovoltaic power plant construction. The company is very experienced and has a proven record in the construction of so-called tracking plants, where the position of the solar modules is eletromechanically tracked in relation to the sun. As a consequence, the output yield per kWp of installed module capacity increases considerably. Ecoware sold one of these 6 MWp power plants to an institutional investor. The intention was to achieve bridge financing mainly by means of credit periods for the components, especially for the solar modules.

„This year, the market for components has become tighter due to unusual and unexpected factors. As a consequence of the high demand, caused by the cancellation or reduction of feed-in tariffs, the producers and suppliers rarely grant any credit periods for components for the construction of solar power plants. In most cases, orders are only accepted against sureties, advance payments or even total payment prior to the delivery", says Leopoldo Franceschini, Ecoware S.p.A. CEO.

In this situation, Ecoware had to face the challenge to pay for the modules and inverters prior to delivery, and to quickly arrange the corresponding bridge financing. "We gladly faced this challenge", says Christian von Olnhausen, Director Clean Energy Finance of youmex AG, Frankfurt. "It was quite demanding to arrange this bridge financing within a period of a few weeks - and without being able to provide end financing afterwards, as this had already been organised by the investor."

"It was quite demanding to arrange this bridge financing within a period of a few weeks - and without being able to provide end financing afterwards, as this had already been organised by the investor."
The construction bridge loan for payment of the modules has been disbursed. This guarantees the completion of the solar power plant within 2010 and the corresponding feed-in tariff.

About Ecoware:
Ecoware S.p.A. is an Italian supplier of turnkey photovoltaic power plants and producer of 2-axis PV tracking systems. Ecoware planned and built several solar parks in Italy and intends to expand its business to the Southern and Eastern European market. Sales amounted to EUR 107 million in 2009 and are expected to reach EUR 300 million in 2010. Ecoware offers comprehensive solutions, including the search for appropriate sites and obtaining the necessary licenses for photovoltaic power plants all over Italy. Ecoware was founded in Padua in 2003 with the purpose of designing and constructing cost-effective, fixed plants and tracking systems.
Ecoware became part of the Kerself Group in 2008. This helped the company to reach its current dominant position in the Italian photovoltaic market. The Kerself Group is Italy's leading system integrator for photovoltaic systems and solar parks of all sizes for private and commercial use. The Kerself Group is active in all fields of the cell and module production for turnkey projects. The Group is internationally active and focuses on the Mediterranean countries. Its sales amounted to EUR 244.7 million in 2009 and are expected to reach EUR 429 million in 2010. For more information please refer to www.ecoware.eu

About youmex:
youmex group, Frankfurt am Main, combines complementary specialised institutes for tailor-made all-in-one financing solutions with transaction volumes of EUR 10 to EUR 250 million. As a financing platform, youmex as a one stop shop has been simplifying, accelerating and optimising transactions financing and capital market transactions for more than 10 years. The Project Finance area focuses on the Real Estate and Clean Energy asset classes. In particular, youmex arranges bridge, short-term and long-term financing of wind and solar parks for project developers and investors throughout Europe. By accessing more than 400 investors, youmex also markets and places wind and solar power plants – directly or in the form of investments in project companies or by take-overs. In the Capital Markets area, youmex AG, a German Stock Exchange Listing Partner, and its partner network accompany all steps required for raising capital. Securities are placed by youmex Invest AG, a financial services institute approved by the German Federal Financial Supervisory Authority (BaFin) and now one of leaders for small and mid cap bonds.