A strong foundation for lightweight panels

The waves are reflected in the sunlight, and there is a tranquil wood at the far end. This is not describing a Baltic Sea idyll, but lowland Brandenburg. More than 320,000 solar modules have been installed like rolling waves on an area of over 170 hectares in Boitzenburger Land. In the summer of 2023, one of Germany's largest solar parks went on grid in the Uckermark region. If we look at its key data, it has a good 180 megawatts peak (MWp) capacity. This means it can produce around 200,000 megawatt hours of electricity per year, enough for tens of thousands of households, saving approximately 90,000 tonnes of CO2 emissions per year.

Entrepreneur Dietrich Twietmeyer, the Frankfurt-based energy supplier Mainova and GP JOULE worked together to implement the project. The financing was provided by a competent and powerful partner: Commerzbank. “The initial talks were held back in 2020,” recalls Sebastian Karpe, the Relationship Manager responsible for the collaboration at the Centre of Competence Green Infrastructure Finance (CoC GIF; formerly CoC Energy) in Hamburg.

Well-established in the renewable energy business

Commerzbank is one of the largest financiers of renewable energies in Europe. It brings together the full range of corporate banking services as well as bilateral and syndicated project financing for solar and wind parks, both onshore and offshore. Increasingly, this also includes technologies related to the energy transition, such as battery storage or hydrogen. “We were in dialogue with all parties involved at an early stage and were therefore able to pave the way for the successful financing of the project,” explains Susann Vollmar, the responsible project manager at CoC GIF. Commerzbank is particularly in demand when it comes to solutions for more complex structures and – as in this case, with a financing sum of more than €100 million – large-scale investments. “In addition, the way we work focusses on solutions, we have maintained very good and trusting relationships with many of the parties involved over the years, and we have enormous experience in the project business,” says Susann Vollmar. “Ultimately, this is exactly what enables us to always offer our customers a customised financing concept,” adds Sebastian Karpe.

From the very first loan enquiry through to launching the solar farm, CoC GIF had a well-rehearsed team working on the project. All steps were handled in-house, which kept transaction costs low and decision-making processes short. Sebastian Karpe adds, “Our integrated approach ‘from a single source’ gives us advantages over other market providers.” In addition, Commerzbank offers sound expertise paired with flexibility: advantages that are key to successful project realisation in a price-driven market.

Security in the form of an electricity supply contract

Selling electricity via a long-term power purchase agreement, i.e. a ten-year electricity supply contract, was the envisaged solution for the solar park in Boitzenburger Land. After all, the project was to be realised without subsidies from the Renewable Energy Sources Act [EEG]. To optimise the financing structure, the solar park was implemented in three technical sub-projects, each with separate grid access. “We also acted as a sparring partner for this structure,” recalls Susann Vollmar, and, together with her colleague Sebastian Karpe, looks with satisfaction at the wave-like installation of solar modules that now generate electricity from light in the Uckermark region. “We are always delighted when projects go into successful operation after a lot of hard work.”