German wind and solar parks operator Encavis AG (ETR:ECV) has secured EUR 300 million (USD 320.8 million) in debt to support new project acquisitions outlined in its ambitious 2027 growth strategy.
Announced on Wednesday, Encavis has finalized a syndicated revolving credit facility extending until April 30, 2025. The funding was arranged by a consortium of eight lenders, led by Dutch Cooperative Rabobank UA.
The newly acquired funds are earmarked to expand Encavis' portfolio of wind and solar assets through strategic acquisitions. As part of its Accelerated Growth Strategy 2027, Encavis aims to triple its contractually secured generation capacity from 2.6 GW to 8 GW, while increasing its grid-connected plants from 2.1 GW to 5.8 GW.
Encavis shareholders recently approved a voluntary public takeover offer from existing investor KKR & Co Inc, valuing the company at EUR 2.83 billion. With this transaction, the US private equity firm will hold an 87.41% stake in the German operator of renewable energy parks.
The financing initiative underscores Encavis' commitment to expanding its renewable energy footprint and enhancing its market position in the evolving energy landscape.
For further updates on Encavis' expansion plans and strategic developments, stakeholders are encouraged to follow announcements from the company and related financial updates.
