7C Solarparken AG: expands its German IPP Portfolio by 21 MWp

Bayreuth (pta011/06.02.2023/10:39 UTC+1)

7C Solarparken (WKN: A11QW6 / ISIN: DE000A11QW68) announces today that the group has increased its capacity base by 21 MWp by expanding the group's consolidation circle to include the closed-end fund GSI Solarfonds Drei GmbH & Co. KG. Since 2019 the group has been managing the GSI 3 close-end fund, which owns a portfolio of operating plants across Bavaria and Eastern Germany. 7C Solarparken has in the last month built up a controlling stake of approx. 60%, resulting in the full consolidation of the fund.

Concretely, the fund operates the following solar assets: Ansbach (3.9 MWp), Brodswinden (2.9 MWp), Ermlitz-Mitte (2.0 MWp), Ermlitz-Nord (2.6 MWp), Goldbeck (2.8 MWp), Römerhügel (2.9 MWp) and Selb (4.2 MWp).

The ground-mounted solar assets, operated by the fund are equipped with First Solar and/or SolarFrontier modules, yielding 900 – 1,000 kWh/kWp per year. As the assets were commissioned in 2012, they enjoy a feed-in tariff of ca. EUR 179/MWh. Sale of electricity is forecasted at EUR 3.7 Mio p.a. with annual EBITDA around EUR 3.1 Mio. There is only a limited amount of EUR 3.9 Mio external debt in the fund, as the group had redeemed the largest portion of debt last year. The debt was contributed to the fund's capital by the group last month, which substantially increased the group's financial stake in the fund, as announced today.

As a result of the first time consolidation of the fund, the group's IPP Portfolio rises to 422 MWp, demonstrating once again that the company is on its way to reaching its interim target of 460 MWp by end of 2023 and main objective of 525 MWp by 2024.

Steven De Proost, CEO of 7C Solarparken, comments: "Following the consolidation of the HCI 1 and HCI 2 funds shortly after the group acquired a fund management business, we are pleased with this new transfer into our IPP Portfolio. The free cash flow contribution will be substantial, in line with EBITDA – in light of the low indebtedness of the project companies."

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Emitter:	7C Solarparken AG An der Feuerwache 15 95445 Bayreuth Germany
Contact Person:	Koen Boriau
Phone:	+49 921 230557-77
E-Mail:	info@solarparken.com
Website:	www.solarparken.com
ISIN(s):	DE000A11QW68 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges:	London