Umweltbank provides €55M loan for 110 MW Schornhof solar park
Category: #energy-and-environment  By Pranali Mehta  Date: 2020-07-29
  • share
  • Twitter
  • Facebook
  • LinkedIn
Umweltbank provides €55M loan for 110 MW Schornhof solar park

German green lender, Umweltbank, has reportedly announced that it will furnish a €55 million loan for the development of Anumar’s Schornhof solar park, with a generation capacity of 110 MW and currently undergoing construction in the Bavaria region of the country. Umweltbank, known for financing environment-friendly projects, has stated that the loan is the bank’s largest investment in renewable energy projects backed by PPA.

Thomas Benz, the Deputy Head of Energy and Infrastructure at Umweltbank, has stated that the bank has granted several loans for solar projects in the recent months and had a slow start at the end of the last year, but was able to learn and collect experience. Presently, the bank has answered finance requests for around 300 MW of solar projects in the form of power plants having generation capacities varying from 8 MW to 100 MW.

Benz has further stated that Umweltbank gives an initial funding decision within a period of two weeks, if all permits are in place for the proposed projects. The bank usually gives a final decision within a duration of eight weeks of the application. It can, however, make a quicker decision, provided it has been allowed into the PPA negotiations from the beginning, added Benz.

Of late, Anumar has secured the signature of Statkraft, a renewables company from Norway, on an 11-year PPA. The agreement deals with 50 MW of the generation capacity of the Schornhof solar project amounting to €60 million. The developer is under negotiations to contract the sale of power for a further 30 MW generation capacity and has been already awarded a feed-in premium contract for another 30 MW.

Umweltbank was attracted to the Schornhof solar project due to its change of use from agriculture to solar farm and its associated attendant biodiversity benefits. The project is located in the Donaumoos area, intensively utilized for agriculture. According to the bank, these areas can be recovered in the long term, once the solar park begins its operations.

 

Source Credits:

https://www.pv-magazine.com/2020/07/27/umweltbank-finances-110-mw-solar-project-in-germany/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Singaporean bank stocks fall as Credit Suisse faces economic crisis
Singaporean bank stocks fall as Credit Suisse faces economic crisis
By Pranali Mehta

The stocks of local banks in Singapore have declined significantly, due to the crisis affecting the second-largest bank in Switzerland, Credit Suisse, and the failure of a chain of banks in the United States of America. Credit Suisse fell by 30% on W...

Sias-Golden Energy align to find better exit option for shareholders
Sias-Golden Energy align to find better exit option for shareholders
By Pranali Mehta

Sias, also known as the Security Investors Association (Singapore), has recently initiated discussions with senior officials from Gear (Golden Energy and Research), to encourage the firm to improve it privatization offers for its shareholders. The...

Google announces breakthroughs in quantum computing operations
Google announces breakthroughs in quantum computing operations
By Pranali Mehta

Google, the most used search engine, has made significant strides in the use of quantum computers for practical applications. Engineers behind the breakthrough have stated that there will be a significant shift in the use of quantum computers, which ...