Energy Generation

Windmills and solar parks, mainly in Germany, with a capacity of more than 20 MW and production of more than 21 GWh or 16 mill. DKK.

German sustainable energy production based on fixed government backed 20 year purchase contracts and long term non recourse Kredit für Wiederaufbau loans, has been an acctractive long term investment offering good free cashflow.

All the production entities have been in positive production as planned the last 10 years. The last couple of years production have been reduced by disturbance from new windmills and reduced payments from the solar parks as the German government refuses to pay the agreed tariff, when the marketplace is negative.

Given purchase- and service contracts and insurance, the energy projects are considered a long term liquidity stream with low risk and well defined moderate cash generation.

The projects require a minor annual supervision.

The portfolio currently include

• K/S Egeln, 2010, 41% — 4,1 MWp, 5 Vestas V90 2 MW vindmills outside Dresden
• PV Projekt Kornum KG, 2017/18, 100% — 16,1 MWp, 42 solarparks in Brandenburg

In 2021 four of the German solarparks of 21,3 MWp was sold for more than the future undiscounted cashflow. An attractive 9 year journey

• K/S Hecklingen, 2012, 40% — 1,3 MWp Solarpark outside Dresden
• K/S Fischbach, 2013, 100% — 3,3 MWp solarpark outside Frankfurt
• K/S Gross Stieten, 2013, 100% — 6,9 MWp solarpark outside Wismar
• K/S Krassow, 2013, 100% — 9,8 MWp solarpark outside Wismar