Taylor Wessing advises Encavis AG on a sustainability-linked EUR 125,000,000 syndicated facility

A team from the international law firm Taylor Wessing, led by Clemens Niedner, head of the Banking and Finance practice group, advised Encavis on the conclusion of a syndicated financing in the amount of €125 million. The revolving credit facility contains ratings-based sustainability criteria, has a term of up to five years and was arranged by Encavis and Commerzbank. The majority of the facilities is available on a revolving basis for the purchase of projects and thus offers Encavis the possibility to spontaneously and easily broaden the portfolio of the group's own projects. In addition, a traditional working capital line with the possibility of establishing ancillary facilities is included.

The credit line is provided by a consortium of five financial institutions, with Commerzbank acting as documentation agent, coordinator, agent and mandated lead arranger, Rabobank as sustainability coordinator and, together with Bayerische Landesbank and Landesbank Baden-Württemberg (LBBW), also as mandated lead arranger, and DZ Bank taking on the role of a co-manager.

"Encavis is the role model in the M-Dax when it comes to the sustainability aspect. This, combined with the ability to make quick and selective acquisitions in the renewable energy sector, was the declared and achieved goal of this investment grade transaction," says Clemens Niedner, explaining the special nature of the mandate.

Encavis is a listed German company in the renewable energy sector. Encavis invests in solar parks and onshore wind farms in Europe and handles their commercial and technical management.