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KfW IPEX-Bank finances two Photovoltaic Facilities in Spain
Contribution to extension of Renewable Energies
Frankfurt am Main (ots) - KfW IPEX-Bank as Mandated Lead Arranger and Sole Underwriter closed the project finance for the San Clemente and Villanueva de la Jara photovoltaic facilities in Castilla-La Mancha/Spain in August. Both parks with a capacity of 10.6 MWp together and a total investment cost of EUR 68.5 million will be completed these days and so benefit of the Spanish PV feed in tariff applicable to plants that are operational and registered by September 28th, 2008. KfW IPEX-Bank provided a financing package including a EUR 51.3 million long term loan and a equity bridge loan.
Financings of Renewable Energy Projects are inherent part of KfW IPEX-Bank's supply and a contribution to environment and climate protection. 75% of the capacity of the two plants is covered by thin film cadmium-tellurid modules provided by First Solar (Phoenix, USA), with the remainder being polycrystalline modules supplied by Phoenix Solar (Sulzemoos, Germany). Phoenix Solar also acted as the EPC contractor (engineering, procurement and construction). KGAL (KG Allgemeine Leasing GmbH & Co. Grünwald, Germany) will place the equity with private investors via a limited partnership fund structure.
In Spain the share of renewable energies (excluding water) in total installed capacity amounts to about 25%. Photovoltaic plants contribute around 9% to the renewable energy portfolio. With an estimated 1,700 MW as of end September, Spain is the second PV market in Europe and worldwide (Germany has about 4,000 MW of PV installed capacity), and the one with the fastest growth in terms of new installations in 2008, namely 1,000 MW.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 470 employees (as of June 2008) and is represented in the key economic and financial centres throughout the globe.
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