firstgreencapital

Public Offering

Pitch

Investeer in een groene obligatie met een nettorendement van 5,5%!

First Green Capital's missie is het versnellen van de energietransitie en de CO2-uitstoot te verlagen. First Green Capital beoogt deze missie te volbrengen door het ontwikkelen en beheren van zonneparken in Duitsland.

Deze uitgifte betreft 6,2MWp aan zonneparken die zich rondom Berlijn en München bevinden. De opbrengst van deze uitgifte versnelt de groei van First Green Capital om additioneel 200MWp (elektriciteit voor 70,000 huishoudens) aan nieuwe zonneparken te kunnen realiseren.

De inkomsten vanuit de zonneparken bedragen ca. EUR 1,3 miljoen. Dit inkomen is de komende 10 jaar stabiel door gegarandeerde EEG-prijstarieven, een initiatief vanuit de Duitse staat. De zonneparken zijn volledig operationeel. Deze uitgifte is extern geaccrediteerd met de bovengemiddelde duurzaamheidsbeoordeling B+.

(English)
Invest in a green bond with a net return of 5.5%!

First Green Capital's mission is to accelerate the energy transition and reduce CO2 emissions. First Green Capital aims to accomplish this mission by developing and managing solar parks in Germany.

This issue concerns 6.2MWp of solar parks located around Berlin and Munich. The proceeds of this issue will accelerate the growth of First Green Capital in order to be able to realise an additional 200 MWp (electricity for 70,000 households) of new solar parks.

The revenues from the solar parks amount approx. EUR 1.3 million. This income will be stable for the next 10 years due to guaranteed EEG price rates, an initiative from the German state. The solar parks are fully operational. This issue is externally accredited with the above-average sustainability rating B+.

Highlights

  • Junior bond of EUR 2.0m and a net coupon of 5.50% per annum, with 10 year linear amortization
  • Solar power stations situated in Germany
  • Awarded the B+ sustainability rating
  • No development risk and steady cash flows

Risks and challenges

In general, the higher the expected return of an investment the higher the associated risk. The offered or expected return on the Junior Green Bond 2020 is dependent on the fulfilment of the debt servicing obligations by the Issuer. There is a possibility that cash flows from operations are lower than expected, affecting the debt service ability of the Issuer, causing a lower return on your investment or even may cause the loss of (part of) your investment. The most likely situations that could occur and could have an adverse effect on the Issuer’s operating result, financial condition and prospects and therefore have a negative impact on the Issuer’s ability to pay interest and redemption on the Bonds as it becomes due, are the following:

(i) the performance of the individual solar power stations, which varies depending on day-to-day solar conditions and technical performance of the solar installations, is lower than expected;

(ii) solar power stations are susceptible to certain failures in day-to-day operations, performance and reliability. Such failures include hardware failures, brownouts, blackouts, accidents and injuries, and may influence the performance of the solar power stations and;

(iii) the activities of FGC and the Issuer are predominantly concentrated in and aimed at the German market and subject to a significant degree of regulation. There is a risk that if contracts or other arrangements subject to policies and regulations from governmental authorities are amended, become legally deficient or unenforceable, the returns may be affected. Adverse events in the (German) economy and the functioning thereof may affect strategy, operations, future investment and acquisition potential.

(iv) the Issuer has relative high levels of debt against the assets due to relative high advance rates on bank loans and because the depreciation scheme on solar power stations is larger than the amortization on the bank loans. Relative high leverage is customary for solar projects in Germany. Such leverage presents opportunities for increasing total returns, but it can also have the opposite effect of increasing losses or risk of default on debt servicing obligations.

Provisional conditions and collateral

Provisional conditions and collateral
The Issuer has not provided any collateral or guarantees in connection with the Bonds. The Bonds are junior unsecured. For the avoidance of doubt, there is no senior ranking debt in the Issuer, but the Bonds are de facto structurally subordinated to senior secured debt at the level of the assets (in the individual SKWs), but – for the avoidance of doubt - not contractually subordinated to any debt at the level of the Issuer. However, the shareholder loan with its accrued interest will rank behind the Bondholders. Payments to Bondholders have therefore precedence over payments to shareholders. Green Solar BV confirmed that the shareholder loans given by it will rank behind the Bondholders. Payments to Bondholders have therefore precedence over payments to shareholders. Moreover, the Issuer confirms that it will hold existing cash reserves accounts of no less than EUR 730.000 and that payments to shareholder loans are only allowed if the DSCR is no less than 1,05.

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Fundraise details

Funding goal €2,000,000.00
Fixed price €100.00
Minimum investment €100.00
Maximum investment €2,000,000.00
Interest 5.50%
Duration 120 months
Opening date September 4 2020
Closing date December 1 2020

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