Rabobank and Solarfields enter into EUR 45 mln junior debt financing
16 juni 2020
Voltiq, Rabobank Project Finance and Solarfields are proud to announce financial close on an innovative junior financing structure. It provides Solarfields with the additional liquidity to fund further development and operation of its substantial pipeline of solar projects in the Netherlands. The idea was born towards the end of 2019 when discussing Solarfields’ challenge to free up equity, in order to facilitate the rapid development of its solar farms in the Dutch market. Following an intensive process and through fruitful collaboration of all parties involved, an innovative and robust structure was invented.
The structure is envisaged to include up to sixteen underlying solar projects whose equity dividends are collected on a holding company level and used as the basis for repayment of the full EUR 45 mln debt quantum that is provided over time. This structure allows the borrower to bring additional eligible projects into the financing after compliance with a predetermined set of qualifying criteria. This allows continued assurance of accelerated growth and quick cash conversion for Solarfields, enabling continued expansion and ownership of projects in the solar energy space. The financing structure with solar projects ranging from 5 MW up to 130 MW accelerates Solarfields’ contribution to the Dutch energy transition and means a great leap forward in achieving Solarfields’ ambitious goals.
We would like to thank our advisors Voltiq, Dentons, Eversheds Sutherland, Mazars and Rebel for the fruitful collaboration and look forward to future business together.
Marc Schmitz (Rabobank): We are very proud to support Solarfields with reaching their high ambitions to contribute to the Dutch energy transition.
Gerben Smit (Solarfields): With this valuable collaboration, we are taking a major step towards fulfilling our mission: providing more than 1 million households with sustainable energy before 2030.