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7C Solarparken AG: 7C Solarparken invests in 10,6 MWp PV parks in Belgium
7C Solarparken has acquired a portfolio of rooftop PV installations across 16 different locations throughout Flanders and Brussels, at the premises of renowned companies such as amongst others Decathlon and Beaulieu. Two new-build projects are still under construction with commissioning scheduled before end of May 2021. It is noteworthy that new-projects < 750 kW, built in the Flemish region after 31 May 2021, will have to participate in an auction procedure rather than to obtain a pre-determined green certificate.
All acquired projects will receive a 10-years green certificate upon the generation of green power. The sale of the produced electricity will mainly be consumed on-site at an agreed PPA with the local user while the excess power is to be sold on the free market. On average, the portfolio will generate unit revenues of EUR 125/MWh of which half reflects the value of a green certificate and the other half consists of the sale of electricity. Managements anticipates annual revenues of EUR 1,3 Mio once all installations will be fully grid-connected. EBITDA contribution is likely to exceed EUR 1,1 Mio in a normal year. The transaction is debt-financed for approx. EUR 7Mio. at average fixed rate of 1,6%.
Steven De Proost, CEO of 7C Solarparken comments: "The newly-acquired team of Enervest Belgium (now renamed into 7C Solarparken Belgium) has been reviewing accurately this investment, and particularly welcomes the re-entry of a self-developed 0,6 MWp project in Heule (West Flanders) into portfolio. Through this investment our IPP portfolio rises to 275 MWp, versus our year-end objective of 295 MWp. Further project successes on the Belgian market are in preparation."
7C Solarparken AG
An der Feuerwache 15
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