German independent power producer MKM Invest Group has raised €106m in debt financing to acquire a portfolio of European solar assets totalling 579MW.
The cash, so-called mezzanine debt, was provided by accounts managed by Prime Capital.
The instrument is cross-collateralised by 94 PV projects of mainly operational assets as well as projects under construction.
Enerparc, which had been developing and realising the solar parks, supported the fundraising on behalf of MKM and will deliver the long-term asset management and O&M services. Capcora acted as the exclusive financial advisor.
German projects represent the majority in the portfolio with a capacity of 367MW followed by Spain with 108MW and France with 104MW.
“The Portfolio benefits from an attractive revenue mix, as it includes different feed-in tariff schemes in Germany and France, and PPA-backed projects in Germany and Spain,” said the German outfit.
“This transaction raises a significant amount of liquidity and will provide capital for expanding the IPP presence of MKM Invest Group. It will also allow Enerparc to pursue more project opportunities for MKM Invest Group and to accelerate its European growth strategy”, said Christoph Koeppen, CEO at Enerparc.