9Ren and Centrobanca sign project financing agreement worth €10 million18. September 2012 | By: 9REN
9REN Group and Centrobanca, the corporate and investment bank of Gruppo UBI Banca, announced today they have signed a project financing agreement for a 4.7-megawatt solar photovoltaic plant in Ostone, Italy.
The deal was supported by SACE, which provided a guarantee in case of non re-payment covering 49% of the financing. The value of the funding amounted to 10.2 million euros repayable over a period of 18 years, through 2030.
The PV plant, installed by 9REN Espana as EPC contractor, is located in the municipalities of Lizzano and Taranto.
“In the midst of the current credit crunch, the decision by Centrobanca and SACE to support our project testifies to the solidity of 9REN Group,” commented Stefano Granella, chief executive officer of 9REN Group. “This agreement brings increased financing on top of the funding already approved for 9REN installations and takes us nearer to our targets for the development and consolidation of the company.”