German solar developer Enerparc AG has obtained EUR 266 million in financing with the support of Stuttgard-based lender LBBW for the construction of a 400-MWp pipeline of ground-mounted solar projects at home.

The financing package comprises EUR 216 million in the form of a senior secured project finance framework facility and a EUR-50-million revolving credit facility (RCF).

The project finance framework facility will support clusters of solar assets which will be rolled into the facility over the course of 24 months as they reach the shovel-ready state. With a term of up to 24 years, the facility covers both the construction and operational phases. It allows for a combination of revenue sources including feed-in tariffs (FIT) and power purchase agreements (PPA).

Founded in Hamburg in 2008, Enerparc has successfully connected to the grid more than 600 solar plants across the world with a capacity of over 4,500 MW. The company’s goal is to develop a total of 10 GW of solar plants for its own portfolio and another 10 GW for third-party solar by 2030.