Wormer, the Netherlands-based PowerField, a company that develops, builds, and manages solar parks, charging stations, and energy storage systems, announced on Wednesday that it has raised €500M in structured equity and portfolio financing.
The financing came from EIG and Landesbank Baden-Württemberg (LBBW).
LBBW provided the portfolio financing with the Common Terms Agreement intended to finance solar parks with a capacity of 500 MWp in the coming years.
LBBW is a German commercial bank with a strong focus on the European renewable energy sector. The bank has provided financing for many sustainable projects and has a balance sheet of €282B.
The financial close for the first 120 MWp took place on January 30, 2023. In addition, there is a facility with predetermined conditions for future solar projects.
PowerField says it will use the funds to develop an integrated platform combining solar parks, charging stations for electric cars (EVs), and batteries, thereby contributing to a more sustainable world.
Jean-Louis Bertholet, CEO of PowerField, says, “We want to build the largest virtual power plant in Europe, in which we combine solar energy with storage in batteries and charging facilities for electric cars. We are proud that EIG and LBBW have joined us and that we have found two partners who support our ambitions and want to help us achieve the sustainable energy transition.”
PowerField: What you need to know
Led by Jean-Louis Bertholet (CEO), PowerField develops, builds and manages solar parks, charging stations, and energy storage systems.
Since its inception, the Dutch company has developed more than 1000 MWp of solar parks. PowerField is involved in developing energy storage in batteries.
Walid Mouawad, Managing Director and Head of European Power & Renewables at EIG, says, “PowerField is at the forefront of the energy transition, and our partnership will contribute to the realisation of the Dutch plans to combat climate change through a unique combination of CO2-neutral electricity, storage and charging infrastructure for EVs. We are thrilled to be able to help realise the company’s growth potential and take the necessary steps towards a future with clean energy.”