7C Solarparken acquires 0.9 MWp rooftop installation near Rostock

7C Solarparken AG purchased an operational 0.9 MWp rooftop PV farm in Neubukow, close to Rostock (Mecklenburg-Western Pomerania). Through this investment, the company’s consolidated portfolio is rising to around 89 MWp. The PV power plant, equipped with First Solar panels and SMA string inverters, has been put into service in December 2008 and therefore enjoys a feed-in tariff of EUR 460.7/MWh. Without any further improvement initiatives, the installation will – under normal weather conditions – generate annual EBITDA of EUR 0.3 Mio. The project has been financed with long-term debt (EUR 2.0 Mio at year-end 2015).

Steven De Proost, CEO of 7C Solarparken AG comments: “Over the last six weeks we have acquired three comparable rooftop projects with locations around Gotha, Wismar and Rostock. The installations were built by the same EPC contractor and underperform the initial study by 5 – 10% due to technical deficiencies. We have planned a technical optimization in the second-half of the year which will cost around EUR 0.5 Mio and will bring full cash flow benefits as from 2017 “.