Client:
Innovo Renewables
Date:
February 2026
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 80.5 mm
With:
In February 2026, ValeCap acted as exclusive financial advisor to Innovo Renewables S.p.A. ("Innovo"), a company backed by Aviva Investors, in structuring an €80.5 million project financing package (the "Transaction"), aimed at financing the construction of a portfolio comprising 15 greenfield PV projects in Italy.
Acting through its fully owned vehicle Innovo Power Generation 1 S.r.l., Innovo obtained financing for a utility-scale PV portfolio with an aggregate capacity of 70 MWp. Expected to enter commercial operation between the end of 2026 and the beginning of 2027, the portfolio will benefit from 20-year incentive schemes (FER 19, FER X and Agri-PV) alongside merchant exposure.
The financing has been provided by Bayerische Landesbank, which acted as agent, original lender, structuring mandated lead arranger, issuing bank, global coordinator, and bookrunner. The Transaction's structure included a Senior Facility sized on a long-term basis, comprising a merchant tail, with a 10-year legal maturity and progressive drawdowns linked to construction milestones. The package also included a VAT Facility, a DSRF Facility, a Grant Facility and a GSE Guarantee Facility.
Headquartered in Milan, Innovo is a fully integrated renewable energy platform operating primarily in Europe, with offices in Italy, the UK, and Spain. Its activities in the PV, Agri-PV, BESS, and wind sectors combine for a pipeline of over 7 GWp, as of July 2026.
The Transaction demonstrates ValeCap's expertise in advising large-scale renewable energy financing, strengthening its position as a trusted partner for investors seeking to mobilize capital towards PV infrastructure in the Italian market.