Technical DD on a German solar rooftop portfolio
Published November 2021
Everoze was delighted to advise the Enpal group on the technical side for the debt financing of a German solar-storage rooftop portfolio to be financed by BlackRock advised funds, Pricoa Private Capital, UniCredit and others institutional investors in the form of loans, senior and subordinated notes. The portfolio covers up to 15,000 residential PV systems in Germany. The financial advisor for the deal were ING and IDCM.
Gregor Burkard of Enpal, Germany mentions: “We greatly appreciated Everoze’s role as technical advisor in this highly complex and innovative transaction consisting of several financial instruments and a variety of system designs. They were a valuable partner with deep understanding of Enpal’s business model which allowed us to execute this landmark deal efficiently and successfully.”
Everoze carried out a TDD on a solar-storage rooftop portfolio of Enpal in Germany. After the closing Everoze will advise during the monthly drawdowns that are expected over a 2 year period.
- Corporate DD on teams and processes from technical point of view
- Portfolio overview and review of FiT
- EPA (pre-construction energy assessment for all individual assets)
- Technology and key equipment supplier
- Site visits of representative sample
- Contract reviews: contracts, installer framework, solar lease and rooftop lease, monitoring framework
- Financial model review
Based on our DD on demand approach, Everoze adapted the risk assessment to this kind of more and more emerging business model. In this case the Homeowner is paying a rent to the Sponsor to reduce electricity consumption from the grid.
Alexander Straube of ING added: “After having worked with Everoze on the first large scale financing between ING and Enpal in 2020, I am glad for the technical expertise Everoze provided for this new challenging financing round. Not only are retail sized battery systems on a large portfolio scale a new asset class, it is also hard to prescind the effect of a single asset on the portfolio of thousands. Everoze’s know how and advice on these assets while keeping the bigger picture in mind was a key factor to give lenders the required confidence to make this transaction a success. We are certainly looking forward to the next project.”
Everoze’s work has been led by German partner Stefan Mau supported by Ragna Schmidt-Haupt, Rob Such, Christophe Campistron, Martin Laing and Christian Gertig.