MaxSolar will use the investment tranches to install 2GW of solar capcity in Germany over the next five years. Credit: Love Silhouette via Shutterstock.

German renewable energy company MaxSolar has announced that it has secured €410m ($458m) in financing for solar projects in Germany. The funding will see the company build 2GW of solar productive capacity over the next five years.

The funding will be deployed in two tranches, worth $185.1m and $274.9m, respectively, and will allow for the installation of solar capacity from MaxSolar’s project pipeline. The pipeline currently has plans to develop 6.5GW of solar capacity in Germany.

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The funding has come from a trio of investors: French investment firms Infranity and Rivage Investment, and US-based company I Squared Capital.

Jérôme Routhier, partner at MaxSolar shareholder Nature Infrastructure Capital, stated: “MaxSolar is rapidly becoming one of the leading German project developers for renewable energies and EPC service provider for photovoltaic and ground-mounted systems. Securing €410m in financing from well-known and experienced partners underpins the company’s strategy to build an extensive portfolio of clean and affordable power generation for municipalities and citizens in Germany.”

Alongside expanding solar capacity, the two investment tranches will be used to develop MaxSolar’s activities along the value chain. The company has highlighted the “recruitment of new talent” as a key area in which it will channel the funding.

João Manso Neto, CEO of shareholder Greenvolt, added: “This milestone not only advances the European energy transition, but also promotes energy sovereignty. The availability of affordable, reliable and sustainable energy is critical to our goals. As shareholders, we are pleased that the financing provides the necessary funds to support the realisation of MaxSolar’s projects.”

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In April 2022, Neto’s company Greenvolt acquired 35% of MaxSolar in exchange for $29.17m. MaxSolar currently operates five solar photovoltaic plants in Germany, including the Maxsolar Reckertshausen solar park, a 10.3MW project. 

The largest of MaxSolar’s projects by far, however, is the Bundorf Solar Park, currently under construction, with a projected capacity of 125,000MW.