MKM Invest Group, a Hamburg-based independent power producer, has raised a EUR 106 million mezzanine debt financing for 579 MW of solar PV projects based on contracted and merchant revenues. The solar portfolio consists of 367 MW of capacity in Germany, 108 MW in Spain, and 104 MW in France. This provides an attractive revenue mix, which includes different feed-in tariff schemes in Germany and France, as well as PPA-backed projects in Germany and Spain.
MKM Invest Group issued five individual bonds in a private placement, in one of the largest mezzanine financings in Europe to date. The instrument is cross collateralized by 94 solar PV projects of operational as well as under-construction projects. The financing for this transaction was provided by accounts managed by Prime Capital AG, an independent asset management firm and financial services provider with approximately EUR 17.7 billion assets under management, managed and administered as of June 2020.
The consulting firm, Capcora, acted as the exclusive financial advisor to MKM Invest Group during the entire process. ENERPARC AG, supported the fundraising on behalf of MKM Invest Group and will deliver long-term asset management and O&M services for solar power projects being set up as part of this transaction. ENERPARC has successfully commissioned 3 GW of solar projects and is operating 1.9 GW.