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Powerfield raises debt & equity for EV, solar & battery push
Dutch developer PowerField has secured a EUR 500m debt and equity package for an integrated portfolio of solar PV, EV charging and battery storage assets across the Netherlands.
The group has raised an undisclosed quantum of structured equity from EIG at the corporate level, in addition to reaching a portfolio level project financing agreement with LBBW for a 500MWp solar PV portfolio, with financial close reached for an initial 120MWp, SDE+ supported tranche of projects on January 30.
Energy Rev reported on the launch of the debt and equity raise in April 2022 – at the time Powerfield was understood to be looking to raise in the region of EUR 100m in equity and EUR 400m in debt from the transaction.
Powerfield currently has around 300MWp of SDE+ supported solar PV already in operation or at the ready-to-build stage, while clean mobility subsidiary PowerGo has a network of 650 EV charging points.
It is aiming to take its EV network to 15,000 charging points over the coming years, and to build out 450MWh of battery storage capacity.
Powerfield was advised on the transaction by Kempen (financial), DLA Piper, Spee & Bijl (both legal), Olenz (notary), Deloitte (financial & tax support), Intech Risk Management (insurance) and DNV-GL (technical).
EIG was advised by White & Case (legal) while LBBW was advised by Clifford Chance (legal).