Combination of solar energy, charging solutions and energy storage
PowerField has almost 300 MWp of operational and ready-to-build solar projects in the Netherlands. Where possible, PowerField installs batteries to make best use of grid capacity. This solution makes it possible to store excess energy produced by a solar park in a battery, reducing the capacity problems that occur within the Dutch electricity grid. In addition, PowerField, with its subsidiary PowerGo, is a strong emerging player in the European (fast) charging industry for electric vehicles (EVs). The charging points are supplied with solar energy from Dutch soil. PowerGo has more than 650 charging points in operation and a portfolio of strong contracts and leads in the Netherlands and other countries in Europe.
Jean-Louis Bertholet, CEO of PowerField: “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 both 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.”
Walid Mouawad, Managing Director and Head of European Power & Renewables at EIG, commented: “PowerField is at the forefront of the energy transition and our partnership will contribute to the realization 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 realize the company’s growth potential and take the necessary steps towards a future with clean energy.”
The portfolio financing provided by LBBW (Landesbank Baden-Württemberg) consists of a Common Terms Agreement that is intended to finance solar parks with a capacity of 500 MWp in the coming years. On January 30, 2023, the Financial Close took place for the first 120 MWp. In addition, there is a facility with predetermined conditions for future solar projects.
Van Lanschot Kempen Investment Bank acted as financial advisor to PowerField in raising the financing. Michiel Klomp and Bas Verloop, both Directors at Van Lanschot Kempen Investment Banking, add: ‘We are proud to have made an important contribution to accelerating the realization of PowerField’s sustainability ambitions by simultaneously leveraging debt and raise equity capital for the company’s high-growth and sustainable business. Sustainability is deeply embedded in our organization and we will continue to facilitate the capital flows needed to bring about the energy transition.”
In addition, PowerField was advised by DLA-Piper (legal adviser), Spee & Bijl (legal adviser), Olenz (notary), Deloitte (financial and tax support), Intech Risk Management (insurance) and DNV-GL (commercial and technical support).