Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  ING Groep    INGA   NL0011821202

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

ING Groep : Netherlands home to first floating solar park in Europe

share with twitter share with LinkedIn share with facebook
share via e-mail
01/19/2018 | 11:54am CET

19 January 2018

Lingewaard, a Dutch community with 46,000 inhabitants, doesn't have a train station. But it has something you won't find anywhere else: the largest floating solar park in Europe*.

The Lingewaard floating solar park will begin producing energy this year, supplying up to 600 homes. New companies that settle in the region will be welcome to source their energy at competitive prices. ING supported this grassroots community-based energy project with nearly EUR 1.7 million of financing.

'Despite the small size of the loan, it was a complex transaction,' explains Eva Parro de la Paz , director of Sustainable Project Finance within ING Structured Finance.

Turning the vision into reality

The town of Lingewaard is not waiting for the national government or leading energy companies to lower carbon emissions. A few years ago, a group of enthusiastic citizens came up with the idea for Lingewaard to produce its own renewable energy and become fully self-sufficient.

An advantage of placing solar panels on an enclosed body of water is efficient use of space, as agricultural land is simply too scarce in the Netherlands to cover it with thousands of solar panels.

'The combination of a solar park and a water reservoir is a nice example of a double use of space,' said Frans van Herwijnen from Lingewaard Energy, ING's client.

A study concluded that a water reservoir used by local greenhouse growers to 'spray' their crops would be a suitable location for building a utility-scale floating solar park. The reservoir, around the size of five soccer fields, would be large enough to place 6,000 solar panels, making Lingewaard the first floating solar park in the Netherlands and the largest one in Europe, excluding the UK.

Worth the risk?

'Because the project's entrepreneurs had limited financial means, the capital structure involved numerous equity partners, different types of subsidies, subordinated loans from an energy fund from the province of Gelderland, and crowdfunding from local citizens,' said Eva.

'In essence, we were dealing with three different creditor groups. You would normally expect this kind of complexity for much larger solar plants, but not for a small energy project like this,' added Wessel van Wijnen, who worked with Eva on the project.

Another complicating factor for ING was the lack of hard data to back up claims that floating solar parks can produce 10-15% higher energy yields than conventional solar parks. This stems from the assumption that panels are naturally cooled by water underneath and that the floating panels shade the water, therefore reducing water evaporation and keeping the reservoir full.

'This is a relatively new technology,' said Eva.

'The oldest floating solar parks are four or five years old and they don't have publicly available databases with sufficient operational data.'

ING found a way out by comparing the energy yields of ground-based solar plants and including yield-performance guarantees into the contracts with the various companies responsible for engineering, construction and maintenance of the new floating solar park.

'This gave ING sufficient confidence that the risks were acceptable and the loan would be repaid,' said Eva.

Floating solar panels are in their infancy and as this technology spreads, other ING clients will benefit from ING' s experience in structuring the deal.

*Excluding United Kingdom.

ING Groep NV published this content on 19 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 January 2018 10:54:05 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on ING GROEP
02/19ING GROEP : and EIB provide EUR 300 million to finance green shipp
02/16PRF : Unaudited consolidated turnover of AS PRFoods in January 2018
02/15ING GROEP : Here’s what 200 US execs told us about sustainability and busi..
02/14ING GROEP : Markets move higher ahead of US inflation, as IMF says UK must boost..
02/08ING GROEP : and Payvision sound open gong
02/07ING GROEP : Market recovery falters as global investors grow cautious
02/07ING GROEP : Inflation seen peaking in H1 -- ING economist
02/07Alambic Investment Management L.P. Has $2.38 Million Position in Century Alum..
02/07ING GROEP : How to save money and energy in buildings
02/06BW LPG : announces signing of USD150 Million Term Loan
More news
News from SeekingAlpha
02/08The Unintelligent REIT Investor 
02/08ING : Is There Any Steam Left? 
01/31ING Groep's (ING) CEO Ralph Hamers on Q4 2017 Results - Earnings Call Transcr.. 
01/31ING Groep N.V. 2017 Q4 - Results - Earnings Call Slides 
01/31ING Groep reports Q4 results 
Financials (€)
Sales 2018 17 998 M
EBIT 2018 7 937 M
Net income 2018 5 131 M
Debt 2018 -
Yield 2018 4,89%
P/E ratio 2018 11,13
P/E ratio 2019 10,46
Capi. / Sales 2018 3,18x
Capi. / Sales 2019 3,08x
Capitalization 57 292 M
Duration : Period :
ING Groep Technical Analysis Chart | INGA | NL0011821202 | 4-Traders
Technical analysis trends ING GROEP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 17,3 €
Spread / Average Target 18%
EPS Revisions
Ralph A. J. G. Hamers Chairman-Executive Board & Chief Executive Officer
Jeroen van der Veer Chairman-Supervisory Board
J. V. Timmermans Chief Financial Officer
Henk W. Breukink Member-Supervisory Board
Robert W. P. Reibestein Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ING GROEP-3.91%71 760
BANK OF AMERICA8.40%331 354
WELLS FARGO-1.07%293 240