Nordbank has provided €35mn in project finance for a solar park in France.

The loan was made on a non-recourse basis to the Hamburg asset manager Luxcara Advisory, for a tenor of 18 years and will secure the long-term financing of Solarpark de Beguey. The site in south west France has an output of 24MW, and was developed by EDF Energies Nouvelles.

Nils Driemeyer, senior vice-president for renewable energy at Nordbank, was unable to confirm the pricing of the loan to GTR.

Driemeyer confirms, however, that Nordbank is extremely active in the French renewables sector. He says: “The French market is very attractive, not only from a tariff perspective, but also from a regulatory aspect. It’s a very interesting market and most of our clients are active in the development of projects or looking for investment opportunities. They are all targeting the French market. This year we did €250mn in the sector.”

Earlier in the year, Nordbank provided Luxcara, a specialised asset manager for the renewable energy sector, with a US$172mn loan to purchase stakes in Europe’s second-largest solar power plant in Brandenburg-Brest, Germany. The bank is to continue to fund renewables projects in 2013.