youmex arranges project finance for SOLON solar power plant in Spain

21.07.2011

youmex AG, Frankfurt, arranged project finance of around EUR 15 million for SOLON Investment GmbH's Puente Genil 3.74 MWp photovoltaic solar power plant in Spain. The investment volume is approximately EUR 17 million.

SOLON Investments GmbH, Freiburg, a subsidiary of SOLON SE, Berlin, built a 3.74 MWp greenfield photovoltaic solar power plant close to Puente Genil, Andalusia. High-performance SOLON Black P375 monocrystalline solar modules were installed on a SOLON mounting system for greenfield plants.
A specific annual yield of 1,550 kWh/kWp with an average annual energy yield of 5,800 MWh is predicted for this location and type of plant.

"Considering the present situation in Spain's banking market, the task was very ambitious:
Due to their strong involvement in solar financing schemes, Spanish banks have issues with their portfolios.
Thanks to our excellent international bank contacts, we were able to find a swift solution for this shortfall.
Additionally, we succeeded in integrating a low interest credit facility from the KfW quickly into the refinancing scheme. This was a major success in a very difficult market environment," reports Christian v. Ohlnhausen, Director Structured Finance and Clean Energy of youmex AG, that accompanied the transaction until disbursement of the loan.

The solar power plant was acquired early by an institutional investor through a "forward purchase agreement" subject to completion and subject to finance. The purchase agreement was completed following the payment of the project finance funds, and SOLON's cash flow tied up in the project could be released. In addition to the long-term end financing of approximately EUR 12 million, a EUR 3 million VAT bridging loan was arranged.


About SOLON:
SOLON SE is one of the largest producers of solar modules in Europe and provides solar system technology for large-scale roof-mounted and greenfield plants. The SOLON Group has subsidiaries in Germany, Italy, France and the US and employs more than 800 people worldwide. SOLON's core business is the production of solar modules and photovoltaic systems, project planning and construction of large-scale commercial rooftops and turnkey solar power plants worldwide. SOLON SE (WKN 747119, ISIN DE0007471195) is listed in the Regulated Market of the Prime Standard segment of the Frankfurt Stock Exchange and in the Prime All Share, CDAX, Technology All Share, GEX and SUNIDX indices.

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.