15 June 2020

Solarfields and Rabobank enter into EUR 45 mln junior debt financing

It will facilitate the rapid development of Solarfields' substantial project pipeline

Solarfields and Rabobank enter into EUR 45 mln junior debt financing

Solarfields, Voltiq and Rabobank Project Finance 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.

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." 

Marc Schmitz (Rabobank): "We are very proud to support Solarfields with reaching their high ambitions to contribute to the Dutch energy transition." 

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. 

About Solarfields

Solarfields has been market leader in the Netherlands for large-scale solar projects since 2014. The company develops, builds and manages solar projects on ground, water and on large rooftops. It currently has installed over 450,000 solar modules at 12 solar parks and has another 150 solar projects under development, including projects on special locations such as dikes and carports.

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