PV Boost With Loan
The Sorgenia group, controlled by CIR and in which the Austrian utility Verbund has a holding, has signed a loan agreement for 70 million euro with Banca MPS Capital Services Banca per le Imprese SpA and Unicredit MedioCredito Centrale SpA to develop new projects in the photovoltaic sector in Italy.
In particular, the deal will enable the subsidiary Sorgenia Solar to build new plants for over 15 Megawatts (MW) and to refinance seven sites that have already been in operation for about two years and were subject to the previous Energy Account (Conto Energia). The agreement, signed by two subsidiaries of the Sorgenia Solar group, has a duration of 18 years and its structure contains several innovative features compared to traditional project financing which enable it to meet the requirements of the Italian photovoltaic environment with sufficient flexibility. In detail, it is a multi-borrower portfolio financing loan for new projects to be built or to refinance other existing sites already in operation.
The construction, running and maintenance of the new plants will be managed directly by the Sorgenia Solar group, which will use qualified suppliers for the purchase of the specific components. The plants will be built using the most advanced technologies, such as thin-film modules and monoaxial and biaxial sun trackers.
The loan was structured with the aid of the law firm Clifford Chance, which assisted the Sorgenia group, while the financing banks were assisted in the documentary and due diligences stages by CESI, Linklaters, Marsh and PriceWaterhouse Coopers.
Thanks to this deal, Sorgenia Solar can consolidate its leadership in the Italian photovoltaic sector, in which it has been present since 2005 with approximately 13 MW already installed and a target capacity of 50 MW to be reached over the next few years. Sorgenia Solar operates in the large plant commercial sector offering a service for developing, building plants under a turnkey contract and running them once they are in operation, and in the small plant market with the production and sale of photovoltaic modules.