The FINANCIAL — Deutsche Bank has achieved financial close on the long-term refinancing of 4 photovoltaic power parks on the island of Mallorca, Spain. All 4 parks, which supply a total of 8.3 megawatts climate-friendly energy, are fixed photovoltaic installations and all benefit from the old Spanish tariff regime under Royal Decree RD 661.
The EUR-70-million-project had been developed by DEE Deutsche Erneuerbare Energien GmbH, a subsidiary of Deutsche Bank and bridge-financed during construction. Deutsche Bank has acted as developer, and equity financier throughout the construction period, financial advisor, lead arranger and agent for the long-term senior debt financing. The equity was placed to a specialised fund in renewable energy. Deutsche Bank was advised by Linklaters on legal matters, Fichtner on technical matters and Marsh on insurance matters.
"Deutsche Bank has already invested in renewable energy projects for more than ten years. These 4 photovoltaic power parks are once again an investment in the future and are part of an entire series of sustainability investments made possible by Deutsche Bank", said Dr. Thomas Rueschen, Head of Deutsche Bank's Asset Finance & Leasing division.
With similar financing solutions, Deutsche Bank has already participated in more than 30 projects involving wind and solar energy. The total volume of investment in these projects amounts to approximately EUR 900 million.