September 15, 2008

Frankfurt, Germany: KfW IPEX-Bank Finances two Spanish Photovoltaic Projects

KfW IPEX-Bank as Mandated Lead Arranger and Sole Underwriter closed 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.

Further details about: Phoenix Solar and First Solar