Capital Stage secures £40m long-term financing for its British solar park portfolio
Hamburg, 6 May 2015 – SDAX-listed solar and wind park operator Capital Stage, Hamburg, has signed an attractive and innovative long-term financing arrangement for the debt capital portion of the recently acquired 53.4 MWp solar park portfolio in the UK. The long-term financing arrangement consists of UK listed notes, totalling GBP 40 million (approx. EUR 56 million), placed with Legal & General Investment Management (LGIM) on behalf of an external institutional investor.
The structuring of the listed notes was arranged by UK-based IDCM Limited, which was also responsible for the successful placement of the notes with the institutional investor. Furthermore, Norton Rose Fulbright, UK, has acted as legal advisor for IDCM Limited.
"The possibility to finance the debt capital portion of our UK solar park through the issue of long-term listed notes at favourable conditions greatly expands our financing options. In addition, we benefit from the currently highly attractive market conditions,"said Felix Goedhart, CEO of Capital Stage AG. "We are pleased that with IDCM we have found a very reliable and competent partner, with whom we will be pleased to cooperate also in the future," Goedhart added.
"We are delighted to have acted as the arranger of this transaction. We have now arranged and executed circa GBP 300 million of long-term debt financing for solar assets in the UK and continue to look for further interesting investment opportunities," commented Jean Christophe Oberto, Executive Director at IDCM Limited, on the successful transaction.
"Having established our infrastructure business in 2012 we initially dedicated our focus to LGIM’s internal capital base, proving our capabilities and expertise in this market. We are now pleased to have opened this up to external clients and are currently investigating a number of other attractive infrastructure investments on behalf of our external clients," commented Silja Turville, Head of LGIM Infrastructure.
The solar park portfolio financed through the issue of the listed notes comprises seven PV parks in the south-west of England and Wales, which were acquired by Capital Stage in February 2015 subject to standard conditions precedent. The parks have total generation capacity of roughly 53.4 MWp. The notes-based long-term financing structure replaces the previous construction phase financing arrangement for the parks. The successful close of the long-term financing arrangement also means that all conditions precedent have been met.
NOTES TO EDITORS About IDCM Limited:
Established in late 2009, UK-based IDCM delivers bespoke and innovative funding solutions across the capital spectrum, partnering with clients to meet their individual needs, strategic plans and financing requirements.
IDCM’s access to non-bank capital providers is broad and it works discretely with these institutions to provide financing solutions tailored to borrowers’ needs. IDCM’s approach is applicable to a broad range of industries with a particular expertise in infrastructure (utilities, energy, transport), property and natural resource sectors.
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About Capital Stage AG:
Since 2009, Capital Stage has acquired solar power plants and wind parks in Germany, France, Italy and the UK with a capacity of about 450 MWp, making it Germany’s largest operator of solar parks. Its solar and wind parks generate attractive returns and continuous revenues, while offering a moderate level of investment risk.
Capital Stage AG is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange and in the regulated market of the Hanseatic Stock Exchange Hamburg (ISIN: DE0006095003 / WKN: 609500). The shares of Capital Stage AG have been listed in the Deutsche Börse selective index SDAX since March 2014.
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About LGIM Infrastructure:
LGIM Infrastructure forms part of the Real Assets division of Legal & General Investment Management (LGIM), which also includes its real estate business, Legal & General Property (LGP) and its real estate lending arm, Commercial Lending Limited (CLL).
One of Europe’s largest institutional asset managers and a major global investor, LGIM manages approximately £476.8bn in assets on behalf of over 3,100 clients and provides products and solutions spanning all asset classes.
The Infrastructure division has concluded 12 debt investment deals to date. Active in all key infrastructure sectors, it has already invested in social housing, student accommodation, transport, renewable energy, communication networks and government-backed accommodation.
Capital Stage AG
Head of Investor & Public Relations Phone: + 49 (0)40 37 85 62-242 Fax: + 49 (0)40 37 85 62-129 e-mail: email@example.com
For more information please contact:
PR MANAGER, LEGAL & GENERAL CAPITAL AND REAL ASSETS, LGIM (PROPERTY, INFRASTRUCTURE AND ALTERNATIVE FINANCE)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
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