Feldwerke pulls a €12M revolving credit facility behind a 100 MW agri-PV roll-out

The Munich-based developer behind Germany’s largest agri-PV facility plans to build 100 MW across the next 18 months. The new debt line is the working-capital plumbing that turns a 250 MW pipeline into deliverable projects.

Munich-based agri-PV developer Feldwerke has secured a €12m revolving credit facility to underwrite the construction of a 100 MW portfolio of agricultural-photovoltaic projects over the next 18 months.

The facility is debt rather than equity, which makes it the working-capital plumbing the company needs to convert its approved or in-approval project pipeline into deliverable, grid-connected capacity at pace.

The company is a category specialist. Agri-PV is the German shorthand for agrivoltaics, the dual-use approach that places elevated solar arrays above crops or grazing land so that the same hectare produces both electricity and agricultural output.

The technology has been moving from policy-supported demonstrator stage to commercial-scale deployment across Europe over the past three years, with Germany the most developed national market on the back of the country’s EEG (Erneuerbare-Energien-Gesetz) tariff framework and the bilateral support of the federal Ministry for Economic Affairs and Climate Action.

Feldwerke’s track record is the part that the new financing is leveraging. The company broke ground on Germany’s largest agri-PV park in Oberndorf am Lech, Bavaria, in August 2025, and the 17 MWp facility went into operation at the end of March 2026.

A 32 MW project in Baden-Württemberg is in the development pipeline alongside seven other projects currently in approval. On Feldwerke’s own published numbers, total pipeline is approximately 250 MW. The new €12m credit line is sized against the first 100 MW of that pipeline, with implied unit financing of about €0.12 per watt of capacity (excluding the equity and tariff-subsidy stack the rest of each project leans on).

The structural choice of a revolving credit facility rather than project-finance term debt is the technical detail. A revolver lets Feldwerke draw down capital as construction milestones land across multiple projects, repay as each project’s permanent financing closes, and re-draw against the same line for the next project in the pipeline.

The structure is standard for renewables developers operating on a portfolio basis, but it is unusual for a sub-three-year-old startup, and the willingness of a lender (the company has not disclosed the bank involved) to extend the facility at all is a meaningful underwriting signal.

The wider German agri-PV market is the part that the rest of the trade is leaning on. Germany’s 2026 solar-incentives stack includes the KfW 270 loan programme, EEG Marktprämie auctions, dedicated agri-PV grants, and the Bavarian Free-Field Photovoltaic Ordinance, which classifies certain agri-PV configurations as ‘privileged’ for permitting purposes.

The combination of low-cost public debt, predictable tariff revenue, and accelerated permitting has materially improved the unit economics of agri-PV development against straight ground-mount solar, and Feldwerke’s portfolio is calibrated against precisely that policy stack.

The TNW-tracked European context is the second leg. The EU-backed BayWa agri-PV scheme covering six projects across five European countries was the first major pan-European policy-backed pilot programme; Feldwerke is operating on the commercial-scale rollout side of the same thesis.

The wider German renewables-cycle policy push that Chancellor Merz has used as the centrepiece of his economic-revival framing has produced demonstrably faster permitting timelines through the first half of 2026 (on EEG-auction throughput data), which is the procedural change Feldwerke is now positioned to benefit from at pipeline scale.

Feldwerke was founded in October 2023 and operates from Munich. The company has not publicly disclosed its equity-funding stack, post-money valuation, or the indicative interest rate on the new credit line. Whether the company will run a parallel equity round on the back of the debt facility is the question the next several quarters will answer.

The wider German energy-startup category has been raising at increasingly defended valuations across the past 18 months, and Feldwerke’s combination of grid-connected operating capacity and approved-pipeline visibility puts the company in a category investors have been increasingly willing to back at scale.

On the operational details: the lender bank is not named, the drawdown schedule against construction milestones has not been disclosed, and the company has not specified which 100 MW of the ~250 MW pipeline will be built first.

What is visible is the structural commitment: 100 MW of new agri-PV capacity in 18 months at a German developer with one operating asset and seven in approval. The next 18 months will resolve whether the pipeline ships on schedule or the credit facility absorbs the slippage.