SR Investimenti, advised by Prothea, completed the acquisition and refinancing of a 12MWp solar PV portfolio with new additional Hold.Co. financing facilities provided by with Intesa Sanpaolo for a total amount equal to c. 31 EUR million.
The portfolio consists of 12 plants owned by 6 SPVs acquired by the sub-holding SR Investimenti 2 (the “Sponsor”) and benefits from Feed in Tariff regimes from 2nd Conto Energia. Geographically, the assets are located in southern and central Italy (Puglia and Umbria).
The refinancing included the anticipated repayment of two debt facilities previously in place with Investec and Unicredit while the new debt raised by SR Investimenti 2includes an additional Term facility of c. 27.7 EUR million, an additional DSR facility of c. 1.7 EUR million and a new VAT facility of ca. 1.8 EUR million.
SR Investimenti (“SR”), a company led by Antonio Urbano, was launched to consolidate the fragmented secondary market, while also expanding its operations in the market parity sector. SR is backed by funds managed by Pioneer Point Partners LLP, a long standing, experienced and independent infrastructure investment firm.
Antonio Urbano, CEO of SR commented: “This transaction takes place in a very important phase for the development of our company. We are strongly committed both in the acquisition of operational assets and in refinancing activities as well as in the revamping and optimization of assets already in our portfolio with the most advanced technical solutions. We have also obtained the authorizations for the first large project in market parity (about 100 MW in total) and we are in advanced stage to start the construction phase while codeveloping a pipeline in excess of 500 MWp of new capacity of utility scale photovoltaic plants.”
Prothea acted as exclusive financial advisor to SR, with a team composed by Managing Director Mr. David Armanini, Managing Associate Mr. Tommaso Angela and Senior Associate Mr. Pietro Torrente, while GOP acted as legal advisor, with a team led by Francesco Puntillo, Fabio Ilacqua and Maria Panetta and Kiwa Moroni & Partners as technical advisor.
The Lender was supported by NCTM Studio Legale as legal advisor with a team led by Eugenio Siragusa and by Fichtner Italia as technical advisor with a team led by Federica Pellegrini.
