Italian power utility, Enel has announced that its renewable energy arm, Enel Green Power and Italian private equity fund, F2i SGR have secured around €1.02 billion in funds to refinance their 50% joint venture, EF Solare Italia SpA.
The non-recourse project financing was granted by a consortium of lenders formed by Banca IMI (Intesa San Paolo Group), BNP Paribas Italian Branch, Credit Agricole Corporate & Investment Bank – Milan Branch, ING Bank NV – Milan Branch, Unicredit, and government-run Italian investment bank, Cassa Depositi e Prestiti (CDP).
“The refinancing, which consolidates EF’s growth over the past few years, enables EF Solare Italia, acting through EF Kosmos ‑ a wholly owned subsidiary that controls all the companies owning the plants involved in the transaction ‑ to optimise the terms and conditions of the credit lines, to rationalise its corporate structure and to support the future growth,” Enel said in a press release.
EF Solare Italia, which currently operates around 400 MW of PV power assets across 14 regions in Italy, acquired New Srl in late March, a company owning six solar plants totaling 51.5 MW in Italy, from local infrastructure fund, Ardian.
When the joint venture was established in October 2015, F2i contributed 105 MW of assets held by its F2i Solare 1 and F2i Solare 3 units, while EGP brought 105 MW of solar assets from its Altomonte FV subsidiary. At the time, EGP put the enterprise value of its assets at €230 million and that of the F2i assets at €285 million.