ING Italia is involved in the 1 billion euro project finance for the refinancing of the solar photovoltaic portfolio of EF Solare Italia, an equal joint venture between Enel Green Power and F20i, established in 2 to develop and consolidate the photovoltaic market in Italy.
The refinancing appears to be the largest operation in the Italian solar photovoltaic market and will concern part of the portfolio of EF Solare Italia which, in its entirety, has a total installed capacity of almost 400MW, with plants in 14 regions.
Among the credit institutions involved in the refinancing, in addition to ING Italia, other leading national and international banks involved in the renewable energy sector: BNP Paribas, Crédit Agricole CIB, Intesa Sanpaolo, UniCredit and Cassa Depositi e Prestiti.
“With EF Solare we are witnessing the birth of a new utility to whose sustainable growth ING wants to contribute from day one” says Valerio Capizzi, Head of Corporate Coverage at ING Italia. “With this transaction, ING confirms its commitment in Italy, as on a global level, towards loans aimed at accelerating the transition of corporate customers in favor of greater sustainability of their business”.
The Wholesale Banking division of ING, which has been operating since 2007 with a team dedicated to financing companies producing renewable energy (wind and solar), over the course of eleven years has financed projects and investments in Italy for a value of over 1 billion EUR.
ING's results in the field of sustainability on a global level are also confirmed by the inclusion of the group at the top of the sector rankings. In 2016, ING earned first place, out of 395 banks considered, in the ranking developed by Sustainalytics, a leader in sustainability research. ING also scored 89 out of 100 on the Dow Jones Sustainability Index (DJSI), well above the banking sector's average performance of 58 points.
