Client:
EOS IM
Date:
November 2024
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 108 mm
With:
In November 2024, ValeCap acted as the sole financial advisor to EOS Investment Management Ltd (“EOS IM”) in structuring a €108 million project financing package (the “Transaction”) to finance a portfolio of 259 MW solar PV assets, comprising 160 MW of greenfield projects in Italy (the “Italian Portfolio”) and 99 MW of operating assets in Spain (the “Spanish Portfolio”) (together, the “Portfolio”).
EOS IM is an independent fund manager focused on real asset strategies in the alternative investment sector and a leading investor in Italian PV assets.
The Italian Portfolio consists of five utility-scale PV projects, developed on both industrial and agricultural land and located across multiple Italian regions. All projects are fully authorized and ready for construction.
The Spanish Portfolio includes two operational plants, co-owned with a leading asset operator, located in the autonomous community of Aragón.
The Portfolio features a significant merchant component, with merchant production representing over 30% of total generation.
The financing package has a short-term tenor of four years, with an availability period aligned to the construction schedule of the Portfolio. Repayment is expected to occur post-COD, either through a sale or refinancing of the assets.
The financing also includes ancillary credit lines: a VAT Facility, a DSRF Facility, a GSE Guarantee Facility, and a PPA Guarantee Facility.
This transaction demonstrates EOS IM’s ability to implement innovative financing structures supporting its renewable energy strategy across Europe and confirms ValeCap’s expertise in advising complex cross-border energy financing transactions.