German renewable energy developer and investor Enova has secured mezzanine capital from Hansainvest Real Assets GmbH, the asset management unit of insurance and financial service provider Signal Iduna, to support the development of wind power projects with a total capacity of 250 MW.
The financing will be used for two repowering projects, which are currently under construction in the Emsland region in northwestern Germany, Enova said on Tuesday. The repowered wind farms will have a combined capacity of 87 MW and are expected to go online in 2025 and 2026, respectively.
In addition, Enova plans to develop wind parks with a total capacity of 180 MW in the Weser-Ems region, also in the northwestern parts of the country. The projects are currently in the approval process.
Hansainvest and Enova have been collaborating since 2017. Under the partnership, Hansainvest is providing the developer with long-term mezzanine capital with a maturity of up to 22 years. Thanks to the co-operations, Enova built a wind portfolio of around 100 MW between 2017 and 2020.
The expanded collaboration is in line with Enova's goal to reach EUR 1 billion (USD 1.11bn) in assets under management.
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