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NORD/LB, recognized as a leading bank for supporting the energy transition, has signed a €200 million project finance framework agreement in Germany. The first project to be financed under this framework is the Gorgast solar cluster, located in Brandenburg. This cluster is being developed by AMPYR Solar Europe and consists of three solar farms, each with a capacity of 15 megawatts, resulting in a total combined capacity of 45 megawatts. The first of the three solar farms is already operational, while the remaining two are currently under construction and are expected to begin operations in June 2025. Once completed, the entire Gorgast solar cluster will comprise approximately 75,000 ground-mounted solar panels. These facilities are projected to generate enough clean electricity to power around 12,000 households, contributing significantly to the region’s renewable energy supply. The revenue model for the solar farms includes a combination of a Power Purchase Agreement (PPA) with Stadtwerke Tübingen and support through the EEG (Erneuerbare-Energien-Gesetz) feed-in tariff, which is part of Germany’s renewable energy subsidy scheme. This diversified revenue structure strengthens the financial viability of the project. Corinna Tiesch, Director at NORD/LB, said in a statement, “We’re delighted to build upon our successful partnership with AMPYR Solar Europe by delivering finance for their latest project – the Gorgast solar cluster in Germany. Solar power is a foundational pillar of the renewable energy mix, and we look forward to working with AMPYR Solar Europe in developing future projects that drive the country’s PV ambitions.” Tarun Agarwal, AMPYR Solar Europe’s CEO, stated, “We are very pleased to have closed this financing facility, deepening our existing relationship with NORD/LB. This facility will allow AMPYR Solar Europe to bring the Gorgast cluster to market, and will support the construction and operation of a further 200 MWp German solar PV and BESS pipeline in the near future.” The financing framework established by NORD/LB has been designed with flexibility, allowing AMPYR Solar Europe to rapidly access funds for the development of future solar and battery energy storage system (BESS) projects in Germany, with a potential capacity of up to 250 megawatts. This structure is intended to accelerate the development and deployment of renewable energy projects across the country. Germany has set ambitious targets under the EEG, aiming to increase its solar power capacity to 215 gigawatts by 2030 and 400 gigawatts by 2040. The Gorgast solar cluster will contribute to achieving these national goals by expanding clean energy infrastructure and reducing reliance on fossil fuels. Legal advisory services for NORD/LB in connection with the transaction were provided by White & Case, while Clifford Chance acted as legal advisor to AMPYR Solar Europe. |
