La European Investment Bank (EIB), Crédit Agricole Corporate & Investment Bank – Milan branch (CA-CIB), Natixis Corporate & Investment Banking (Natixis CIB) e Reason have signed a “Green Loan” financing da 264 million of Euro. The project finance operation will be used to develop one of the largest portfolios of solar in Italy.
All the impianti they will be entirely of property di Reden Development Italy Srl, belonging to Reden Solar Group, recently acquired by Mandel Consortium, which is mostly owned by Macquarie. Reden, through its Italian subsidiary Reden Solar Italy Srlwill also carry out the construction work and the operation and maintenance activities.
26 photovoltaic plants throughout Italy
The operation will finance the construction and operation of 26 photovoltaic plants throughout Italy (11 of which will be built in the south, 8 in the north and 7 in the center), with a installed capacity total maximum of 255 MW.
The plants will be operational by first quarter of 2025, and will produce approx 470 GWh / year of renewable electricity. The production will make it possible to meet the needs of over 190 families.
The funding will contribute to the achievement of the ambitious RepowerEU objectives and the Italian ones in the field of renewable energies. There reduction of co2 emissions estimated, during their life cycle, will be 3,3 million tons during its life cycle. Most of the photovoltaic plants will be able to access the incentive tariff provided for by the Renewables Decree or "FER 1 Decree", since they will be built on industrial land, thus generating contractual revenues for 20 years. As regards the residual capacity, relating to the plants to be built on agricultural land, Reden Development Italy will sign long-term agreements for the purchase of electricity or will sell the energy produced on the market.
“As an EU climate bank, we are delighted to co-finance the construction of one of the largest photovoltaic portfolios in Italy, helping to generate enough renewable energy to meet the needs of over 190 Italian households. This operation once again proves the fort EIB commitment to support RepowerEU and make Europe the first climate-neutral continent in the world” he commented Jasmine Vigliotti, Vice President of AT.
“Following our strategic decision to enter the Italian market in 2021, this Reden's first funding in Italy confirms our great ambition to develop our presence in the country and actively contribute to its transition towards green energy” he stated Thierry Carcel, President of Reden Solar.
The EIB will provide long-term financing of around EUR 120 million. CA-CIB and Natixis CIB participated as Structuring MLA, Bookrunner, Hedging Bank and Green Loan Coordinator, and Naxitis CIB also as sole Underwriter. CA-CIB operates as Agent Bank and Crédit Agricole Italia as Account Bank.
