Client:
Comunità Energetiche
Date:
July 2026
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 54 mm
With:
In July 2026, ValeCap acted as sole financial advisor to Comunità Energetiche S.p.A. (“Comunità Energetiche”) and its fully-owned vehicle CE Solar Hub S.r.l. (the “Borrower”) in structuring a €54 million project financing package (the “Transaction”) aimed at refinancing the existing debt related to 27 brownfield photovoltaic projects and financing the construction of 21 greenfield photovoltaic projects, for a total capacity of 49 MW (the “Portfolio”).
Backed by Fondo Italiano per l’Efficienza Energetica SGR S.p.A., one of the leading European infrastructure funds, Comunità Energetiche is an Italian company active in the development, construction and management of renewable energy communities and photovoltaic plants for on-site and local self-consumption.
The Portfolio is characterised by a complex revenue stacking strategy, combining 20-year incentive schemes, including Conto Energia, FER 1, FER X, CER, AID and SEU, with a significant merchant exposure.
The financing package comprised a Base Facility aimed at refinancing the existing indebtedness and allowing an extraordinary distribution at closing, a Construction Facility aimed at financing the construction capex of the greenfield projects and refinancing the excess equity already injected, and a Revamping Facility aimed at financing the revamping capex of the Conto Energia photovoltaic projects and allowing an extraordinary distribution at Commercial Operation Date.
The financing package also included ancillary facilities comprising a VAT facility, a DSR facility and a guarantee facility.
BPER Banca S.p.A. acted as agent, original lender, structuring mandated lead arranger, hedging bank and bookrunner for the Transaction.
This transaction highlights ValeCap’s ability to support renewable energy investors in structuring and executing complex financing solutions combining the refinancing of operating assets and the financing of greenfield projects. It further strengthens ValeCap’s track record in advising on innovative financing structures for diversified renewable energy portfolios, combining long-term subsidised revenues with merchant exposure in the Italian market.