Tages Capital SGR announces that the fund Tages Helios and Delos Power Srl have provided for the full financing of the portfolio acquired last August 5 from First Reserve and consists of 51 photovoltaic plants held through 19 vehicle companies, for a total of approximately 55.4 MW of installed capacity.
This is an innovative structured finance transaction in the renewable energy and real estate sector, which was concluded with Banca IMI SpA, BNP Paribas – Italian Branch, Intesa Sanpaolo SpA, Natixis SA – Milan Branch and UniCredit SpA.
The loan, amounting to Euro 162 million, is functional to the sale of the properties to the Tages Helios fund. Four credit lines are envisaged, including inter alia, the term loan, a line dedicated to financing VAT credits deriving from the purchase of buildings and another relating to VAT credits for corporate vehicles.
Tages Helios is the first fund launched by Tages Capital SGR, entirely dedicated to the Italian photovoltaic sector and which has made investments in plants for a total installed power of 157 MW in recent months, becoming the third largest Italian operator in the photovoltaic sector.
Delos Power is the company born from the partnership between Tages Capital SGR and Renam Srl, a leading Italian operator in the sector of management of plants for the production of energy from renewable sources with over 300 MW of managed plants, set up specifically for the management of the acquired plants from the bottom.
Umberto Quadrino, president of Tages Holding, declared in relation to the transaction: "We are particularly proud to have developed together with some of the most important European banking institutions an operation that combines the financial needs of the portfolio with the objectives of the investors of the Tages Helios real estate fund and with those of the lenders of plants from renewable sources. We expect to apply this structure to other real estate-type infrastructure fund loans as well.”
Tages Capital SGR and Delos Power were advised by Legance Studio Legale for the structuring and documentation of the loan and by Norton Rose Fulbright for the legal due diligence. Clifford Chance assisted the lending banks in all aspects related to the structuring and documentation of the financing transaction.
