NEAG issues junior bond for acquisition of new windfarms

Frankfurt am Main (renewablepress) - The Hamburg-based IPP company NEAG Norddeutsche Energie AG ("NEAG") has successfully placed a subordinated bearer bond in a private placement with a German pension fund through its subsidiary NEAG Norddeutsche Energie Invest 3 GmbH ("NEAG Invest 3"). The issue amount of the bond is EUR 36.8 million and the term is 20 years. The instrument is collateralised by a portfolio of operational and permitted wind projects in Germany. The consulting firm Capcora, specialized on real assets, advised NEAG on the transaction.

The security is divided into two tranches. The first tranche in the double-digit million range has already been successfully placed. The second tranche is to be subscribed in the short term by the same institutional investor.

Tranche 1 funds will be used to acquire a diversified onshore wind portfolio consisting of four wind projects with 14 wind turbines ("WTG") and two permitted single WTG sites. The total portfolio has a nominal output of 36.95 MW. With this, NEAG is expanding its portfolio to approx. 270 MW.

NEAG plans to double its assets under management over the next two years, benefiting from exclusive access to a pipeline from a major developer in Germany. In addition, NEAG actively screens market for further investment opportunities in Germany and abroad.

In addition to the existing Special AIF with a managed volume of EUR 50 million, NEAG Invest 3 is now the second institutional vehicle that could not only be placed within a short time, but also secured the investment targets ready right from the start.

"The closing of this transaction represents another important milestone in our short history. The new funds are a catalyst for our portfolio growth. We thank the Capcora team for their professional support, "says Sebastian Adler, CEO of NEAG.

"We are pleased that we were again able to successfully support NEAG in structuring an exciting vehicle. As a rising asset manager with a stable basic portfolio as well as innovative investment approaches with flat decision-making paths, NEAG has good prospects for further growth despite the current competitive environment, "explains Alexander Enrique Kuhn, Managing Director and responsible for energy and infrastructure at Capcora.

Capcora has comprehensively advised NEAG as Financial Advisor on the identification of the investor, the negotiation and structuring of the transaction, as well as commercial due diligence and financial modeling.


About NEAG Norddeutsche Energie AG

NEAG Norddeutsche Energie AG offers attractive infrastructure investments and a comprehensive range of services in the field of wind energy. The focus of NEAG is on the allocation of investors, arranging project finances and the structuring of special AIFs. We consult, accompany and purchase wind farm portfolios and hold shares in project companies. Our customers benefit from continuous energy yields, our networking in the wind family and dynamic cooperation.
www.ne-ag.com


About Capcora

Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind) and real estate through alternative financing sources.
www.capcora.com


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Frankfurt am Main, 29 May 2019


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Alexander E. Kuhn
Email: ak@capcora.com
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60325 Frankfurt am Main

Web: http://www.capcora.com

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