Tages Helios obtains €425 million financing

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Italy’s secondary PV market continues to show strong dynamism, as several operations have been closed over the past week, including the acquisition of RTR PV plant portfolio by Italian infrastructure investor, F2i.

This time it is Italy-based asset management and banking company Tages Group that announced another big deal. Its solar fund Tages Helios, in fact, along with Delos Power S.r.l., a joint venture with Renam Srl, of which the fund owns a 40% stake, have completed an operation of €452.5 million aimed at refinancing a portfolio of operational PV plants totaling 101 MW in Italy. The portfolio includes 45 MW acquired in December 2017 from the Industrial Group Maccaferri and around 55 MW of the portfolio of 9REN portfolio acquired in August 2016, and further projects expected to be acquired by December 31, 2018.

The funds were provided by a pool of lenders formed by Banca IMI SpA, Banco BPM SpA, Banco Santander S.A. – Milan Branch, Bayerische Landesbank Anstalt des öffentlichen Rechts, BNP Paribas – Italian Branch, MedioCredito Italiano S.p.A., MPS Capital Services Bank for Companies S.p.A., Société Générale S.A. – Milan Branch, Unione di Banche Italiane S.p.A. e UniCredit S.p.A.

The operation consists of five credit lines, including three multi-tranches facilities.

In recent months, Tages Helios has made investments in PV plants in Itay for a total installed capacity of 208 MW, becoming the third Italian operator in the photovoltaic sector, the Tages Group said in its statement.

Delos Power is currently implementing a plan for the revamping of all these PV plants. Last year the Italian energy agency GSE released new rules for the technological improvement of existing PV installations. The rules, which simplified technical and bureaucratic procedures for revamping and re-powering systems installed under the country’s Conto Energia FIT scheme, spurred further PV development in Italy.