Non-Recourse debt raised for Eavor's first commercial geothermal project in Geretsried, DE
We helped promising Geothermal scale-up “Eavor” raise non-recourse debt for the construction of their first-ever commercial scale project in Geretsried, Germany (DE).
Green Giraffe was mandated as sole financial advisor to Eavor to secure non-recourse debt for its pioneering Eavor-Loop project. More notably, Green Giraffe successfully executed a first-of-its-kind non-recourse transaction in the geothermal industry, thereby establishing a critical new financing model for this emerging technology.
Green Giraffe steered the full value chain of the debt raise, including:
- Financial modeling and bank sounding
- Coordination of due diligence advisors
- Lender due diligence
- Negotiation of the financial documentation
Lenders included multilaterals European Investment Bank (EIB) and Japan Bank for International Cooperation (JBIC), as well as commercial lenders ING and Mizuho (with cover from the Nippon Export and Investment Insurance (NEXI)). In addition, Green Giraffe supported Eavor in finalizing the equity raise, securing investment from Chubu Electric Power Co. and others.
