NeXtWind has secured €1.4bn ($1.6bn) in debt financing to modernise and expand its onshore wind farms in Germany.
The deal includes an additional €1.3bn ($1.5bn) through accordion facilities.
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With this funding, NeXtWind aims to upgrade more than half of its existing wind farms by 2028, boosting their capacity beyond 1GW.
Since its inception in 2023, NeXtWind has become a key player in renewables by acquiring and enhancing older wind farms via repowering using new technology.
The company currently operates 37 onshore wind farms with a combined capacity of 450MW.
With the current 1.4GW repowering capacity set to finish by 2026, they are poised to supply green electricity annually to about one million households.
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By GlobalDataThe company plans to expand generation capacity up to 3GW by 2028 through financed projects and new greenfield developments among other initiatives, as part of its medium-term strategy.
NeXtWind Co-CEO Lars B Meyer stated: “This financing is a significant milestone for NeXtWind and testament to the confidence in our business model.
“Thanks to this novel platform approach, we can optimise our wind farms more quickly and accelerate our growth. In the long term, we aim to transform them into state-of-the-art, integrated hubs that can generate, store and distribute energy from various renewable sources in a grid-friendly manner at the right time – all in one place.”
The comprehensive loan package is designed with five core components catering specifically to different financial needs associated with repowering such as acquisition term loans and versatile guarantee lines.
This paves the way for scaleable infrastructure solutions financing within the renewable energy sectors.
Lazard played a pivotal role as exclusive financial advisor throughout this process while Deutsche Bank took charge as global coordinator alongside ING Bank who acted as green loan coordinator along with facility and security agent duties. LBBW also participated significantly as underwriters, mandated lead arrangers and bookrunners on the transaction.
